European Metals declares maiden reserve for Cinovec
Source - SMW
European Metals Holdings has declared a maiden ore reserve at the company's Cinovec lithium/tin project in the Czech Republic.
The company also announced changes to its board and secured short-term funding.
The company said that based on the preliminary feasibility study undertaken for the project, it had declared a maiden probable ore reserve of 34.5 Mt @ 0.65% Li2O.
It also announced that Richard Pavlik has been appointed to the board with immediate effect.
Pavlik is the general manager of Geomet, the company's wholly owned Czech subsidiary.
Pavlik has been appointed to replace Pavel Reichl, who has resigned on his request to pursue other interests.
The company said it was actively engaged in discussions with potential European strategic partners with regards to the funding and development of the Cinovec project.
It said: "Given the high level of interest in Europe in the lithium market, the company is confident of a successful outcome in the near term in this regard.
"In order to allow sufficient time to finalise discussions and properly assess the various options open to the company, the company has arranged an interim funding facility to maintain momentum in developing the project."
It said this facility had been provided by an Australian based sophisticated investor, 6466 Investments Pty Ltd, and allowed for the draw down of up to A$2 million in tranches as required over 12 months.
Any funds drawn down will convert to CDIs in the company at a 10% discount to the 10 day vwap in the company's securities.
At 9:50am: (LON:EMH) European Metals Holdings share price was +0.75p at 49.25p