European Energy Metals Completes Previously Announced Acquisition of Finnish Pegmatite Project
European Energy Metals Completes Previously
Announced Acquisition of Finnish Pegmatite
Project
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2024) - European Energy Metals (TSXV: FIN)
(FSE: W28) ("
European Energy Metals
" or the "
Company
") is pleased to announce that it has
completed its previously announced acquisition of the Finnish Pegmatite Project from Capella Minerals
Ltd. ("
Capella
"). The Finnish Pegmatite Project was previously the subject to an earn-in agreement
between the Company and Capella.
In exchange for a 100% interest in the Finnish Pegmatite Project, the Company paid Capella $250,000
in cash and issued 1,100,000 common shares (the "
Consideration Shares
") on closing. Capella also
received a 2% net smelter royalty on the project, half of which may be repurchased by the Company at
any time in exchange for the payment of 1,000,000 Euro. The Consideration Shares are subject to a
statutory four month hold period as well as contractual restrictions on resale.
Jeremy Poirier, the Company's Chief Executive Officer, commented, "We are very pleased to obtain the
TSX approval and close this previously announced transaction. We will now follow up on our highly
successful 2023 exploration program. We expect to announce our 2024 exploration plans in coming
weeks with commencement beginning before the end of May."
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company currently focussed 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 and, specifically, lithium. The Company's concessions are located within
15 kms of the Keliber mine and production complex, currently under construction and expected to begin
production in H2 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 investment by Keliber's parent company Sibanye-Stillwater Limited
(NYSE
:
SBSW) in partnership with the Finnish Minerals Group (
www.mineralsgroup.fi
) is underway 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 (source:
www.sibanyestillwater.com
).
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 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
Project as well as the timing of any future exploration at the Finnish Pegmatite Project. 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 the costs of any anticipated work
programs and the ability to fund such costs, required approvals in connection with any work programs
and the ability to obtain such approvals, 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/207570