REG - Europa Metals Ltd - Corporate Update

Europa MetalsAnnouncement

21/02/2025 07:00

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RNS Number : 9423X  Europa Metals Ltd  21 February 2025

21 February 2025

Europa Metals Ltd

("Europa Metals", "Europa", the "Company" or the "Group") (AIM, AltX: EUZ)

Corporate update

 

Europa Metals, ("Europa" or the "Company"), provides a corporate update.

 

As announced on 17 February 2025, the Company decided not to extend
exclusivity over the Tynagh project via Viridian Metals Ireland Limited and
the Company's shares resumed trading on AIM on 17 February 2025.

 

The Company is very aware that, since the resumption of trading on AIM, the
share price has declined considerably, however the Company is not aware of any
reason for this decline. To the contrary, the Company believes that there is a
major disconnect between the Company's share price and the implied net asset
value represented largely through its holding in Denarius Metals Corp. (Cboe
CA: DMET) (OTCQX: DNRSF) ("Denarius"), as further detailed below.

 

The transaction with Denarius was duly approved by a considerable majority of
Europa shareholders at the extraordinary general meeting held in October 2024
and, as previously stated, Europa is subject to a holding period ending 13
March 2025 in respect of the 7 million shares it received in Denarius pursuant
to the transaction (see announcement published on 13(th) November 2024). This
holding at recent pricing implies a value of between 2.5p and 3p per Europa
share.

 

Europa has not undertaken a capital raising in over 2 years and accordingly,
has not diluted its shareholders in pursuit of capital. During this time the
directors have been substantially accruing their fees/salaries (which is
reflected in Note 19 to the Company's 2024 Annual Report) to provide the
Company with a long enough runway to complete a transaction.

 

The Company, rather than go to the market and raise funds at a significant
discount to the detriment of existing shareholders, have completed a
transaction which now puts Europa on a more solid footing and offers
optionality to the Company.

 

Over the coming months, management will pursue all options to deliver the best
possible outcome for all shareholders, and will update the market in due
course.

 

Pursuant to AIM Rule 15, the Company has six months from its disposal of the
Toral Project, as announced on 13 November 2024, to make an acquisition or
acquisitions which constitutes a reverse takeover under AIM Rule 14.

 

For further information on the Company, please visit www.europametals.com or
contact:

 

Europa Metals Ltd

Dan Smith, Non-Executive Director and Company Secretary (Australia)

T: +61 8 9486 4036

E: dsmith@europametals.com

Myles Campion, Executive Chairman and acting CEO (UK)

E: mcampion@europametals.com

 

Beaumont Cornish (Nominated Adviser/Broker)

James Biddle/Roland Cornish

T: +44 (0) 20 7628 3396

 

Questco Corporate Advisory Proprietary Limited (JSE Sponsor)

Danielle Christodoulou

T: +27 63 482 3802

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law pursuant to
the European Union (Withdrawal) Act 2018, as amended.

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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