European Energy Announces Closing of Second Tranche of Private Placement
European Energy Announces Closing of
Second Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2024) - European Energy Metals
Corp. (TSXV: FIN)
("
European Energy
" or the "
Company
") is pleased to announce that it has closed
the second and final tranche (the "
Second Tranche
") of its previously announced non-brokered private
placement of units ("
Units
") issued at a price of $0.125 per Unit (the "
Private Placement
").
Pursuant to the Second Tranche, the Company issued 670,000 Units for total gross proceeds of
$83,750. The Company completed the first tranche of the Private Placement on September 9, 2024 and
issued 15,795,000 Units for total gross proceeds of $1,974,375. In aggregate, pursuant to first tranche
and the Second Tranche of the Private Placement, the Company issued 16,465,000 Units for total gross
proceeds of $2,058,125.
Each Unit consists of one common share (a "
Share
") and one-half of a common share purchase warrant
(each whole warrant, a "
Warrant
"). Each Warrant issued pursuant to the Second Tranche is exercisable
for one additional Share at an exercise price of $0.20 until September 23, 2026.
In connection with the Second Tranche, the Company has paid Leede Financial Inc. a cash commission
of $1,312.50 and has also issued 10,500 non-transferable broker warrants (having the same terms as
the Warrants) to Leede Financial Inc. as compensation.
All securities issued pursuant to the Second Tranche are subject to a statutory hold period of four
months, expiring on January 24, 2025. The Company intends to use the net proceeds of the Private
Placement for exploration work on its properties and for working capital.
The spouse of an insider of the Company has subscribed for 520,000 Units in the Second Tranche. The
issuance of the Units to such person pursuant to the Private Placement is considered to be a Non-Arm's
Length Transaction within the meaning of TSX Venture Exchange Policy 5.9- but is not considered to be
a related party transaction within the meaning Multilateral Instrument 61-101 -
PROTECTION OF
MINORITY SECURITY HOLDERS IN SPECIAL TRANSACTIONS
("
MI 61-101
"). In the event such
transaction was a related party transaction within the meaning of MI 61-101, the exemptions from the
valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and
5.7(1)(a) of MI 61-101, respectively, would apply.
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company currently focused on the lithium-cesium-
tantalum Finnish pegmatite project in central Finland. Governing bodies in Europe and Finland are
legislating environmentally friendly and energy-independent laws and policies. One of the key
components is access to REE (rare earth elements) and, specifically, lithium. The Company's
concessions are located within 15 kilometres of the Keliber mine and production complex, currently
under construction and expected to begin production in the second half of 2025. The Company cautions
the presence of lithium mineralization on Keliber's properties is not necessarily indicative of similar
mineralization on the Company's mineral reservations.
An estimated 600-million-euro investment by Keliber's parent company, Sibanye-Stillwater Ltd., in
partnership with the Finnish Minerals Group, is under way in the Kautinen region, and will see the
development of open-pit and underground mining from several deposits, construction of a central
spodumene concentrator plant, and a lithium hydroxide chemical plant at tidewater in Kokkola. When
completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier, CEO
Telephone: 604-722-9842
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Statements Regarding Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities
legislation. Forward-looking information is typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature,
refer to future events. Such statements include, without limitation, statements regarding the use of
proceeds of the Private Placement, future results of operations, performance and achievements of the
Company, including the presence of lithium mineralization at, and the
exploration and development
potential of, the Finnish Pegmatite. Although the Company believes that such statements are
reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-
looking information is based on certain assumptions and analyses made by the Company in light of
their experience and perception of historical trends, current conditions and expected future
developments, as well as other factors management believes are appropriate in the circumstances.
This information, however, is subject to a variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those projected in the forward-looking
information. Important factors that could cause actual results to differ from this forward-looking
information include, management's discretion to reallocate the proceeds of the Private Placement as
well as risks inherent in exploration as well as those described under the heading "Risks and
Uncertainties" in the Company's most recently filed MD&A. The Company does not intend, and
expressly disclaims any obligation to, update or revise the forward-looking information contained in
this news release, except as required by law. Readers are cautioned not to place undue reliance on
forward-looking information.
NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S.
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