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European Electric Metals Inc. (TSXV: EVX) (the "Company") announces that trading of the Company's common shares on the TSX Venture Exchange (the "Exchange") will resume shortly. The common shares of the Company were halted on March 1, 2023, in connection with a proposed mineral property acquisition in Europe that did not proceed (see news release dated March 15, 2023, and September 5, 2025).
The Company also advises that it currently does not meet certain Tier 2 Continued Listing Requirements of the Exchange. In particular:
- the Company's working capital is less than the greater of $50,000 and the amount to maintain operations and cover general and administrative expenses for a period of six months;
- the Company does not have any assets or other operations other than seeking to acquire a new mineral property; and
- as the Company does not have an interest in a mineral property, the Company has not incurred the required annual expenditures on mineral property.
In order to meet Tier 2 Continued Listing Requirements, the Company is actively pursuing a new mineral property to acquire. In conjunction with acquiring such a property, the Company would raise sufficient funds to meet any exploration program as well as ongoing general and administrative expenses of the Company.
The Company also wishes to clarify its disclosure regarding its disposition of its interest in EVX Portugal, Unipessoal, LDA ("EVX Portugal"). EVX Portugal held the Borba 2 license in Portugal. On June 3, 2022, the Company entered into an amendment agreement to definitive agreement with Europacific Metals Inc. ("Europacific" previously Goldplay Mining Inc.), which is an arm's length party to the Company, whereby the Company agreed to option its entire interest, being 30%, in EVX Portugal to Europacific. Europacific exercised the option by paying $50,000 to the Company and issuing 700,000 common shares of Europacific to the Company. The Company no longer has an interest in EVX Portugal. The transaction completed on July 24, 2023.
The Company has submitted the transaction for acceptance of the Exchange and remains subject to the Exchange's acceptance.
Additional Information
Jonathan Richards
Chief Financial Officer
European Electric Metals Inc.
Phone: (604) 802-4447
Email: jrichards@redfernconsulting.ca
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or revise forward looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271535
