REG - Europa Metals Ltd - Viridian Metals Transaction Update

Europa MetalsAnnouncement

17/02/2025 07:00

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RNS Number : 2345X  Europa Metals Ltd  17 February 2025

7.00am on 17 February 2025

Europa Metals Ltd

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

Viridian Metals Transaction Update

and Restoration of Trading on AIM

 

Europa Metals, ("Europa" or the "Company"), provides an update on the
potential transaction it announced with Viridian Metals Ireland Limited,
("Viridian"), and its 100 % owned Tynagh brownfield Pb/Zn/Cu/Ag project in the
Republic of Ireland.

 

As announced on 17 September 2024, the Company entered into a conditional Term
Sheet regarding the acquisition of Viridian which was binding as to a mutual
150 day period of exclusivity. This period of exclusivity has now expired and
Europa has decided not to extend exclusivity over Tynagh via Viridian. The
brownfield project had significant positives which have warranted our work to
date to source the funding for near term feasibility work, which would then
evolve to permitting and development. Unfortunately, the Company has been
unsuccessful in this endeavour. Accordingly, the Company will now pursue other
opportunities.

 

In accordance with the AIM Rules, trading in the Company's shares on AIM will
be resumed with effect from 7.30am on 17 February 2025. For the avoidance of
doubt, the Company's shares were not previously suspended on the JSE Limited
("JSE") and continue to trade on the JSE. Shareholders on the JSE are no
longer required to exercise caution when dealing in the Company's shares.

 

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.

 

Commenting today Myles Campion Executive Chairman and acting CEO said:

 

"Tynagh had all the right qualities to be an operating mine in the near term
and could be producing significant cashflow for its size and relatively modest
expected CAPEX, but with current market conditions, finding the near term
funding to realise that goal has proved very difficult in Europe. Europa will
now renew its search for projects that can be brought into the Company and add
value for all shareholders"

 

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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