Europa Metals Ltd - European-focused lead-zinc and silver developer - Shares fall to 12-month low after saying it will raise up to GBP1.5 million via a share placing and a subscription. Europa will issue up to 30 million new shares at 5.00p a share with institutional and other investors. This is a 42% discount to Monday's closing price of 8.60p. Europa will use the proceeds to pursue further projects and acquisition opportunities, the company says.
The fundraising comprises a placing and subscription of shares in two tranches. The first fundraising shares are expected to be admitted to trading on AIM around November 1, while the second set are expected to be admitted on or around December 1.
WH Ireland is acting as bookrunner for the placing.
Current London stock price: 5.80 pence, down 33% Tuesday
Year-to-date change: down 32%
Current Johannesburg stock price: ZAR125.00, down 25% Tuesday
Year-to-date change: down 42%
By Will Paige; willpaige@alliancenews.com
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Europa Metals (EUZ)