European Energy Metals Corp. (TSX-V: FIN) (FSE: W28) is pleased to announce the closing of its previously announced non-brokered private placement. Pursuant to the Private Placement, the Company issued 6,235,554 units at a price of $0.36 to raise gross proceeds of approximately $2,245,000. Each Unit consists of one common share of the Company and one half of a common share purchase warrant. Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.75 for a period of three years following closing.
In connection with the Private Placement, the Company has paid aggregate finder’s fees in the amount of $104,504 cash and has issued an aggregate of 324,869 finder’s warrants. The finder’s warrants have the same terms of the Warrants forming part of the Units.
Insiders of the Company subscribed for an aggregate of 110,555 Units. The Insider Participation is considered to be a related party transaction within the meaning of Multilateral Instrument 61-101. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of the Insider Participation.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital.
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company focused on the exploration and development of its portfolio of five lithium and rare-earth element projects in Finland covering over 2,300 square kilometres and its Champ precious metal property near Castlegar, British Columbia.
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