European Energy Announces Closing Of First Tranche Of Private Placement

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - European Energy Metals Corp. (TSXV: FIN) (" European Energy " or the " Company ") is pleased to announce that it has closed it's the first tranche (the " First Tranche ") of its previously announced non-brokered private placement (the " Private Placement ") of up to 17,600,000 units (" Units ") at a price of $0.125 per Unit to raise gross proceeds of up to $2,200,000. Pursuant to the First Tranche, the Company has issued 15,795,000 Units for total gross proceeds of $1,974,375.

Each Unit consists of one common share (a " Share ") and one-half of a common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant is exercisable for one additional Share at an exercise price of $0.20 until September 9, 2026.

In connection with the First Tranche, the Company has paid Leede Financial Inc. a cash commission of $131,118.75 and has also issued 1,157,000 Shares and 239,050 non-transferable broker warrants (having the same terms as the Warrants) to Leede Financial Inc. as compensation.

All securities issued pursuant to the First Tranche are subject to a statutory hold period of four months, expiring on January 9, 2025. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital.

Insiders of the Company have subscribed for 580,000 Units in the First Tranche. The issuance of the Units to the insiders pursuant to the Private Placement (the " Insider Participation ") is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - PROTECTION OF MINORITY SECURITY HOLDERS IN SPECIAL TRANSACTIONS (" MI 61-101 "). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, in respect of the Insider Participation.

Subject to the approval of the TSX Venture Exchange, the Company intends to complete the final tranche of the Private Placement within the next week.

About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company currently focused on the lithium-cesium-tantalum Finnish pegmatite project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy-independent laws and policies. One of the key components is access to REE (rare earth elements) and, specifically, lithium. The Company's concessions are located within 15 kilometres of the Keliber mine and production complex, currently under construction and expected to begin production in the second half of 2025. The Company cautions the presence of lithium mineralization on Keliber's properties is not necessarily indicative of similar mineralization on the Company's mineral reservations.

An estimated 600-million-euro investment by Keliber's parent company, Sibanye-Stillwater Ltd., in partnership with the Finnish Minerals Group, is under way in the Kautinen region, and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant, and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain.

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