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On November 13, 2024, Europa Metals Ltd completed the disposal of 100% of its Spanish subsidiary, Europa Metals Iberia S.L. (which holds the Toral Zn-Pb-Ag Project), to Denarius Metals Corp. As consideration, Europa Metals received 7,000,000 common shares in Denarius Metals, subject to a hold period ending on March 13, 2025. Following completion, Europa Metals is now classified as an 'AIM Rule 15 cash shell' and has six months to make a reverse takeover acquisition.
| Date | 13 Nov 2024 |
| Time | 09:00:00 |
| Category | Disposals |
| ID | 0706M |
13 November 2024
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)
Completion of Disposal of Toral Project
Europa Metals, is pleased to announce that it has now completed its previously announced disposal of 100% of the issued and outstanding shares of Europa Metals Iberia S.L. ("EMI"), the Spanish subsidiary holding the Toral Zn-Pb-Ag Project (the "Toral Project") in the Leon Province, Northern Spain to Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals")
In accordance with the agreement with Denarius Metals as announced on 17 September 2024, Europa Metals has now been issued 7,000,000 common shares in Denarius Metals which are subject to a hold period ending on March 13, 2025. The former Option and Loan Agreements dated November 22, 2022 between Europa Metals and the Denarius Metals were terminated on closing of the Transaction.
As advised following completion of the disposal, the Company is now an 'AIM Rule 15 cash shell' and, as such, the Company shall have six months to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 after which the shares would be suspended.
Europa Metals is continuing to work on the transaction previously announced with Viridian Metals and its Tynagh re-cycling and reclamation project in the Republic of Ireland.
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
Myles Campion, Executive Chairman and acting CEO (UK)
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.