Australia- and UK-listed European Metals has raised £2.28-million through subscriptions to UK-based sophisticated investors.
The funds will be used to advance the ongoing definitive feasibility study on the Cinovec deposit in the Czech Republic, which the company says is Europe’s largest lithium resource.
The raising, announced on Thursday, was completed at a price of 35p, or 61.5c. Shard Capital Partners arranged the majority of the subscriptions.
“With metallurgical optimisation work almost complete, mine design commenced and offtake discussions progressing, it is a very busy time for the company whose licences are located in the heart of the European electric vehicle revolution,” commented MD Keith Coughlan.
Earlier in the week, European Metals announced an increased mineral resource of 372.4-million tonnes at 0.44% lithium oxide.