European Cobalt raises $20m for project

Company News

by Kathy Skantzos

Mineral exploration company European Cobalt (ASX:EUC) has raised $20 million in a heavily oversubscribed institutional placement.

The funds will be used to contribute to the exploration and development of the Dobsina cobalt-nickel-copper project.

Support was received from both existing institutional shareholders and new offshore institutions.

100 million new shares priced at $0.20 cents a share will be issued under the placement.

The cobalt- nickel mine is located in central Slovakia.

Shares in European Cobalt (ASX:EUC) are trading flat at $0.24.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.