Europa has announced a fundraising arranged by Turner Pope that raised, in aggregate, £2.0m (gross) through a placing of new ordinary shares at 12.75p each, representing a c.22.7% discount to the closing price on 18 August 2020 and c.31.9% of the Company’s enlarged issued share capital.
Confidence in the Company’s future opportunity has been reflected through major shareholder, Deutsche Balaton Aktiengesellschaft’s participation, along with subscriptions from both the CEO and Chairman, in this funding round which follows last Friday’s publication of an updated resource model that delivered a c.40% increase in the Indicated Resources from Europa’s 100%-owned Toral Project (‘the Project’). Europa is now expected to combine this with engineering components and third phase metallurgical results to derive a key set of revised economic parameters.
These will form one of a number of core components that Europa has been progressively assembling over the past three years in anticipation of a Pre-feasibility Study (‘PFS’). TPI expects further updates throughout 2021.
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