Link: hotcopper.com.au/threads/...ip-with-cez.4859287/#.XS3aKegzZaQ
European Metals Holdings Limited (“European Metals” or “the Company”) is pleased
to announce that CEZ Group (“CEZ”), one of Central and Eastern Europe’s largest
power utilities, has today conditionally agreed to provide a EUR 2 million finance
facility by way of a convertible loan. CEZ is currently conducting due diligence on the
Company and Project. The successful outcome of the due diligence process could see
CEZ become European Metals’ largest shareholder and co-development partner for
the Cinovec Lithium/Tin Project through conversion of the convertible note and
subsequent additional investment.
Headquartered in the Czech Republic, CEZ is an established, integrated energy group
with operations in a number of Central and Southeastern European countries and
Turkey. CEZ’s core business is the generation, distribution, trade in, and sales of
electricity and heat, trade in and sales of natural gas, and coal extraction. CEZ Group
has 31,400 employees and annual revenue of approximately AUD 12 billion.
The largest shareholder of its parent company, CEZ a. s., is the Ministry of Finance of
the Czech Republic with a stake of approximately 70%. The shares of CEZ a.s. are
traded on the Prague and Warsaw stock exchanges and included in the PX and WIGCEE exchange indices.
As one of the leading Central European power companies, CEZ intends to develop
energy storage projects in the Czech Republic and in Central Europe which include
energy storage and charging infrastructure and electricity supply, for users of electric
vehicles.
European Metals Managing Director Keith Coughlan said, “We are delighted to be in
advanced discussions with CEZ regarding the future development of the Cinovec
Project. CEZ is the largest company in the Czech Republic and one of the leading
companies in Central and Eastern Europe, having a strong vision with regards to
renewable energy and power storage. Potentially partnering with CEZ further
demonstrates EMH’s commitment to develop fully the Cinovec Project in conjunction
with Czech industry, for the benefit of the country’s involvement in the battery and EV
industries. With their blend of technical foresight and historic mining experience, CEZ
is the ideal partner for the Company.