European lead/zinc explorer Europa Metals has raised £1-million in an oversubscribed fundraising to progress the workstreams required for a prefeasibility study of its Toral project in Castilla y León, northern Spain.
The fundraising comprised the issue of four-million shares of no par value each at an issue price of 0.025p a share.
A total of 3.4-million shares were placed by the company’s joint broker, Turner Pope, with new and existing institutional and private investors, while Brandon Hill Capital and associated individuals subscribed for the balance.
The issue price represents a discount of about 28.6% to the company's closing mid-market price on Aim of 0.035p a share on Friday.
In addition, one warrant exercisable for a period of two years from admission at a subscription price of 0.0375p a share will be issued to all participants in the fundraising for every two new shares subscribed.
Europa’s share price traded 20.45% lower on Monday.