European Metals Holdings Limited
(ASX:EMH) has announced it has raised $3 million from its largest shareholder Rare Earth Minerals via a placement and exercise of options.
The placement will raise $2.6 million via the issue of 5 million CDIs, at an issue price of $0.52 per CDI, a premium on both the 5 and 10 day volume weighted average price.
As part of the raising, Rare Earth Minerals will also exercise 2 million unlisted options due for expiry mid-October.
European Metals intends on using the funds to develop the Cinovec Project, complete a feasibility study and for working capital needs.
European Metals Holdings Limited reported a net loss of $1.31 million at 31 December 2015.
