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LONDON (Alliance News) - Europa Metals Ltd said on Friday it has raised funds to progress a phase two work programme as its wholly-owned Toral project in Spain.
Europa has raised GBP563,516 through a share placing of 727.1 million shares at a price of 0.775 pence each. The placing was arranged by Europa's joint broker, Turner Pope Investments Ltd, with new and existing investors.
London-listed shares in Europa last closed at 0.0915p each, the placing conducted at a 15% discount to this.
Following admission, the placing shares will represent 13% of the company's enlarged issued share capital.
The proceeds will be used to fund a planned phase two work programme at Toral as well as providing general working capital.
Following the completion of the phase one extension drilling, phase two activities at Toral will be centred around a new diamond infill drill programme, focused within the existing inferred ore body.
This additional exploration drilling will target the higher-grade areas of Toral as Europa seeks to "increase and enhance" the company’s understanding of its existing maiden resource estimate. The company also aims to complete "certain key components" required for a planned full feasibility study.