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Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy Metals" or the "Company") is pleased to announce a non-brokered private placement of up to 16,000,000 units ("Units") at a price of $0.125 per Unit to raise gross proceeds of up to $2,000,000 (the "Private Placement"). Each Unit will consist of one common share of the Company and one half of a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share at an exercise price of $0.20 for a period of two years following closing of the Private Placement.
The Company may pay finder's fees in the amount of 7% cash and issue finder's warrants equal to 7% of the number of Units placed by such finder on all or a portion of the Private Placement. The finder's warrants will have the same terms of the Warrants forming part of the Units. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital. Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange.
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: info@europeanenergymetals.com