Vancouver, British Columbia--(Newsfile Corp. - September 28, 2023) - European Energy Mining Corp. (TSXV: FIN) ("European Energy" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") consisting of up to units 5,350,000 ("Units") at a price of $0.36 per Unit for total gross proceeds of up to $1,926,000.
Each Unit consists of one common share and one-half of a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one additional common share at an exercise price of $0.75 for a period of three years following closing of the Private Placement. Subject to the approval of the TSX Venture Exchange.
The Company anticipates the majority of the Private Placement will be subscribed for by one strategic investor who will hold 10% or more of the outstanding common shares of the Company following closing.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital. Closing of the Private Placement is subject customary conditions of closing, including 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 11 miles of the Keliber under construction which is expected to begin production in H2 2025.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier, CEO
Telephone: 604-722-9842
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 press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the completion of the Private Placement, the intended use of net proceeds of the Private Placement and the future of lithium production in Finland including, without limitation, any production by Keliber. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates, primarily the assumption that the Private Placement will complete, that the net proceeds of the Private Placement will be utilized as stated and that production of lithium in Finland as anticipated by management will proceed, that, while considered reasonable by the Company, are inherently subject to uncertainties and contingencies including, primarily but without limitation, the risk that the TSX Venture Exchange will not approve the Private Placement, the risk that conditions to completion of the Private Placement are not satisfied, management's discretion to reallocate the net proceeds of the Private Placement and risks inherent in the mining industry. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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