European Energy Metals Announces Closing of Private Placement
European Energy Metals Announces Closing
of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 4, 2023) - European Energy Metals Corp. (TSXV:
FIN) (FSE: W28) ("
European Energy Metals
" or the "
Company
") is pleased to announce the closing
of its previously announced
non-brokered private placement (the "
Private Placement
"). Pursuant to the
Private Placement, the Company issued 6,235,554 units ("
Units
") at a price of $0.36 to raise gross
proceeds of approximately $2,245,000. Each Unit consists of one common share of the Company and
one half of a common share purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant entitles
the holder to acquire one additional common share at an exercise price of $0.75 for a period of three
years following closing.
In connection with the Private Placement, the Company has paid aggregate finder's fees in the amount
of $104,504 cash and has issued an aggregate of 324,869 finder's warrants. The finder's warrants have
the same terms of the Warrants forming part of the Units.
Insiders of the Company subscribed for an aggregate of 110,555 Units (the "
Insider Participation
").
The Insider Participation is considered to be a related party transaction within the meaning of Multilateral
Instrument 61-101 ("
MI 61-101
"). The Company has relied on 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 in respect of the Insider Participation.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four
months and one day. The Company intends to use the net proceeds of the Private Placement for
exploration work on its properties and for working capital.
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company focused on the exploration and development
of its portfolio of five lithium and rare-earth element projects in Finland covering over 2,300 square
kilometres and its Champ precious metal property near Castlegar, British Columbia.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier, CEO
Telephone: 604-722-9842
Email:
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
statements regarding the use of the net proceeds of the Private Placement. 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 re-allocate the net proceeds
of the Private Placement, 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/172307