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Stockholm, 22 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that FinnCobalt Oy has submitted Hautalampi-projects environmental impact assessment (EIA) update report to the North Karelia Centre for Economic Development, Transport, and the Environment (“ELY-centre “) for official review as part of the assessment. Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“Completing the environmental impact assessment is critical in our journey to mine battery minerals in Hautalampi, and to do it responsibly. Following this, our team in Finland will immediately proceed with the environmental permit application”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The recently updated EIA assessment will present the most updated status of the Hautalampi mine project’s environment, the environmental effects of the assessed options, their significance, and a comparison of the assessed options. The now-delivered update gives detailed information about the project’s effect on the groundwater level, bedrock subsidence, blasting vibrations and discharge water quality, and impact on the receiving watercourse. Also, the project mass and water usage balance have been updated to reflect the current planning status.
The report comprises two different options for the tailings storage facility. Envineer Oy has compiled the assessment together with FinnCobalt Oy’s personnel and other consultants.
The EIA procedure commenced in December 2020 when the EIA program was submitted to the authorities. The EIA assessment and recent updates have been drafted based on the EIA program and the competent authority’s official statements on the program.
The EIA procedure will continue with a public hearing and will be concluded by the authorities’ official reasoned conclusion, which is due latest 4 months from filing the EIA. FinnCobalt has informed Eurobattery Minerals AB that it will immediately proceed with the environmental permit application.
The report will be available (only in Finnish) here https://www.ymparisto.fi/yva-hankkeet?n5=1.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
Stockholm, 21 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that the Company is exercising its option to acquire 30 per cent of the shares in FinnCobalt Oy (“FinnCobalt”), the owner of the ground and mining rights to the nickel–cobalt–copper project Hautalampi. This constitutes the Company’s second acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process until May 2024. Altogether, Eurobattery’s share of ownership in FinnCobalt will amount to 70 per cent after the now impending acquisition. The acquisition is of great significance for the Company’s planned development of the Hautalampi project and the goal to establish a battery mineral mine with production and sales within a mid-term horizon. The consideration for the stake acquisition will be paid partly in cash and partly through a directed issue of shares to the three founders of FinnCobalt.
“We are very pleased to continue to deliver on our strategy to provide battery minerals from Europe to Europe, now as the majority owner of the Hautalampi mine project. With the pre-feasibility study just announced we know that the economic outlook for the battery mineral mine in Finland is strong,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Financial details of the stake acquisition
The Board of Directors of Eurobattery has informed the three founders and initial owners of FinnCobalt that the Company will exercise the second option of the investment and shareholder agreement entailing the option to acquire FinnCobalt in a staged process which was entered into on 11 May 2020 and which became effective on 27 May 2020. This means that Eurobattery, before 27 July 2023, should exercise said option by paying a total cash amount of EUR 250,002 and issuing shares in Eurobattery amounting to a value of EUR 1,000,002 to the three founders of FinnCobalt. These two actions will be taken parallelly and simultaneously. The cash part of the consideration will be paid from the Company’s cash. The share part of the consideration will be paid through a directed issue of shares. The subscription price in the directed share issue will correspond to the volume-weighted average price of the Company’s share on NGM Nordic SME during the ten trading days preceding the issue decision.
Effects of the acquisition
- Eurobattery will acquire 30 per cent of the shares in FinnCobalt. The Company’s stake in FinnCobalt will thereby increase from 40 per cent to 70 per cent of the capital and the votes.
- The stake acquisition of FinnCobalt is expected to be completed during the second quarter of 2023. FinnCobalt is expected to be consolidated into Eurobattery’s financial statements from the date of admission.
- As a majority owner, Eurobattery will have controlling influence on the resolutions of the Board in FinnCobalt.
- Eurobattery will also have the right, but no obligation, to nominate the Chairman of the Board and two ordinary Board members and their personal deputy members in FinnCobalt.
The Hautalampi project in brief
The Hautalampi project is located near Outokumpu, Finland, in the same spot as the well-renowned Keretti mine where approximately 28.5 million tonnes of rock with a copper content of 3.8 per cent were mined between 1912–1989. The project consists of one mining concession covering 227 hectares with exposure towards nickel, cobalt, and copper, and a nearby reservation. The area benefits from well-developed surface and underground infrastructure as well as strong local support for mining. An estimated EUR 10–15 million had been invested in the project by previous owners before the project was assumed by Eurobattery in the spring of 2020. In June 2021 Eurobattery was able to increase the project’s measured, indicated and inferred resource tonnage by approximately 100 per cent and the metal content by approximately 50 per cent. In October 2022 the Company was able to confirm a further increase in the metal content of approximately 40 per cent. On 20 March 2023, the Company published a preliminary feasibility study (PFS) for the Hautalampi project which highlighted the opportunities and potential challenges of advancing the development of the Hautalampi deposit.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
Stockholm, 20 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that FinnCobalt Oy together with AFRY Finland Oy has completed the Hautalampi mining project pre-feasibility study. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project.
Key points from the pre-feasibility study:
- With a conservative metal price, and a total capital expenditure of 65.1 million euro (excluding contingency) the payback period is 4.6 years.
- Mining will commence after a one-year construction period including rehabilitation of the underground mine, construction of the surface crushing and processing plants, and a new tailings storage facility. The project implementation requires valid environmental permit.
- Total metal production during the anticipated 12 years mining operations will be 11,400 tonnes of nickel and 2,900 tonnes of cobalt in the nickel-cobalt concentrate and 9,600 tonnes of copper in the copper concentrate.
- The pre-feasibility study is based on the underground mining operation with total mining of 4.6 Mt of ore reserves with the grades of Ni 0.3%, Co 0.08% and Cu 0.24%.
- Eurobattery Minerals expects that the investment cost will decrease, and the project economics improve when the actual detailed engineering commences and cost uncertainties due to the current Russo – Ukrainian war will clarify.
“I am excited about the outcome of the pre-feasibility study cementing the strong economic outlook for our Finnish battery mineral mine. With the study at hand and the environmental impact assessment that we expect to be filed soon followed by the environmental permit application, we will now elevate our conversations with several potential off-take partners. Furthermore, we will commence the optimisation of the project and see how we could push the investment costs down and increase the project viability further,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Summary of the pre-feasibility study
The pre-feasibility study is based on the underground mining operations with total mining of 4.6 Mt of ore reserves with the grades of Ni 0.3%, Co 0.08% and Cu 0.24%. Additional 369 kt of inferred mineral resource were also used to create the Life of mine plan and financial model.
The underground mining will commence after a one-year construction period which includes rehabilitation of the underground mine, construction of the surface crushing and processing plants and a new tailings storage facility. The underground mining rate will be some 450,000 – 480,000 tonnes per annum and mining operations will continue for 12 years. Total metal production will be 11,400 tonnes nickel and 2,900 tonnes cobalt in the nickel-cobalt concentrate and 9,600 tonnes copper in the copper concentrate. Based on the extensive metallurgical test work, concentrates are of very good quality, without any deleterious elements and should be easily marketable either for Finland’s domestic metallurgical industry or internationally.
| Hautalampi Ore Reserves as of 7th March 2023 @30€/t NSR Cut-off. | ||||||||
| Ore Reserve | Grade | Contained Metals | ||||||
| Tonnes | Ni | Cu | Co | Ni (t) | Cu (t) | Co (t) | ||
| Proven | 1,871,000 | 0.36% | 0.30% | 0.09% | 6,800 | 5,700 | 1,600 | |
| Probable | 2,693,000 | 0.25% | 0.19% | 0.07% | 6,900 | 5,300 | 1,900 | |
| Total | 4,564,000 | 0.30% | 0.24% | 0.08% | 13,700 | 11,000 | 3,500 | |
(1) The ore reserve estimate has an effective date of 7thMarch 2023. (2) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (3) Exchange rate used: USD/EUR 1.00. (4) NSR cut-off value for the estimate is 30€/t. (5) NSR = net smelter return. NSR is calculated using (USD prices of) nickel USD 20,000 /t, copper USD 9,000 /t and cobalt USD 60,000 /t. Recoveries for Ni 82%, Cu 86.5% and 82% for Co. Payment to concentrate percent for Ni 70%, Cu 90% and Co 50% were used. (6) Mining recovery of 95% was assumed in reserve conversion and mining dilution ranging from 10-15% was applied. (7) No inferred mineral resource was converted to ore reserves.
Additional mineral resources of the Hautalampi project are as follows. The additional resources estimation has an effective date of 7th March 2023. The estimation is prepared by removing the mining reserve and unmineable areas from the Resource Statement reported on 18th October 2022.
| Addtitional resources | Tonnes | Grade | Contained metals | ||||
| Ni | Cu | Co | Ni(t) | Cu(t) | Co(t) | ||
| 4,707,000 | 0.22% | 0.11% | 0.05% | 10,331 | 5,316 | 2,158 | |
The additional resource of 4,7Mt mineralization is a remarkable asset for the future development and extension of the Hautalampi Mine life span if and when the future metal prices are favorable.
The total investment capital cost has been estimated to be around EUR 65 million excluding the proposed 15% contingency, which brings the total Capital Expenditure to EUR 74.8 million. The total turnover for the mine is some EUR 420 million and the payback period is 4.6 years. The Internal Rate of Return is 20% assuming EUR 10 million grant. Metal prices used in the financial study are Copper 9,750 USD/t, Nickel 20,000 USD/t and Cobalt 70,000 USD/t which are relevant long-term consensus forecast prices. All financial figures are based on the current high-level capital investment cost and assuming EUR 10 million investment grant. The company expects that the investment cost will decrease and the project economics improve when the actual detailed engineering commences and recent construction material price increases due to the uncertainties due to the ongoing Russo – Ukrainian war will disappear.
The complete pre-feasibility report is available from Eurobattery Minerals website https://eurobatteryminerals.com/en/projects/hautalampi/.
Competent Person’s Statement
The information in this release that relates to Mineral Resources and ore reserves is based on information compiled by Mr Ville-Matti Seppä, a Competent Person who has a EurGeol qualification. Mr Seppä is a full-time employee of AFRY Finland Oy. Mr Seppä has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on 20th of March 2023 at 07:30 CET.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
Stockholm, 17 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) carried out a rights issue of units with subscription period from 7 December to 21 December 2022 (the “Rights issue”) consisting of shares and warrants of series TO3 (the “Warrants”). Those who subscribed in the Rights issue during the subscription period thereby received for each (1) unit one (1) new share in the Company and one (1) Warrant. Each (1) Warrant entails the right to subscribe for one (1) new share in Eurobattery during the subscription period which commences on 20 March and extends until 31 March 2023. The subscription price for subscription of new shares by exercise of Warrants has today been determined to SEK 2.44 per share. The issue proceeds will be used for further investments in the Corcel and Hautalampi projects as well as for financial flexibility to enable future potentially interesting M&A possibilities.
Terms for the Warrants in brief
- Holders of Warrants have the right to subscribe for one (1) new share in the Company for each (1) held Warrant at a subscription price of SEK 2.44 per share.
- The subscription price corresponds to a discount of 30 per cent to the volume-weighted average price of the Company’s share on NGM Nordic SME during the period from 6 March through today, 17 March 2023.
- The number of outstanding Warrants is 12,505,435, which upon full subscription would imply an increase of 12,505,435 shares in the Company, from 26,012,240 shares to 38,517,675 shares, and an increase in the share capital of SEK 12,505,435, from SEK 26,012,240 to SEK 38,517,675.
- Upon full exercise of the Warrants, the Company will receive a maximum of approximately SEK 30.5 million before issue costs.
- The subscription period runs from 20 March to 31 March 2023.
- The last day of trading in Warrants is on 28 March 2023.
- The outcome is expected to be published on 4 April 2023.
- For existing investors who do not participate in the issue of shares by exercising Warrants, the dilution will be approximately 32.5 per cent upon full exercise of the outstanding Warrants.
Other information
For investors that have their Warrants registered in a depository at a nominee, subscription and payment by exercise of Warrants must be made in accordance with instructions from each respective nominee. Please contact your nominee for further information.
For investors that have their Warrants directly registered on a VP account, subscription and payment by exercise of Warrants must be made according to instructions on the subscription form which is sent out by mail. The subscription form will also be available for download on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to3/, Augment Partner AB’s offer site, www.augment.se/offerings/, and on Aqurat Fondkommission AB’s website, www.aqurat.se.
For more information about the Warrants, please see the complete terms which are available for download on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to3/.
Advisers
Augment Partners AB acted as financial adviser and Bird & Bird Advokat KB acted as legal adviser in the transaction.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se.
IMPORTANT INFORMATION
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.
This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.
Stockholm, 22 February 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today published its year-end report for 2022.
“Having received the full right to exploit the complete Hautalampi mineral resource and announcing Ilari Kinnunen as the new managing director, we are set on fast forward in Finland. Meanwhile, in Spain, the metallurgical study for Corcel concludes that we can extract the minerals with recoveries as high as 50% using proven technologies. Furthermore, it confirms the presence of a high level of nickel worth EUR 113.9 million for just a small part of the project. That’s also a strong signal from our battery mineral project on the Iberia peninsula,” Roberto García Martínez, CEO of Eurobattery Minerals, comments the fourth quarter 2022.
Strategic and operational highlights for the fourth quarter 2022
- Eurobattery Minerals received the complete JORC-compliant report for Hautalampi – almost 40% increase in the contained metals confirmed.
- The Swedish Mining Inspectorate decided that all Eurobattery Minerals exploration permits in Sweden should automatically be extended by one year.
- Eurobattery Minerals received the final verdict of the Hautalampi mining concession proceeding.
- The company announced that Ilari Kinnunen had been appointed the new Managing Director of FinnCobalt Oy in Finland.
- German SRH AlsterResearch’s analysts initiated coverage of the company.
- The metallurgical study in Corcel confirmed high level of Nickel worth EUR 113.9 million.
- The company announced a new research collaboration with the University of Uppsala on mining for REE in its Swedish Fetsjön project.
- The rights issue received subscriptions for approx. 56% and the company will receive approx. SEK 27.5 million before the deduction of issue costs.
Key financial figures for Q4 2022
- Net sales amounted to SEK 0 (Q4 2021: SEK 0).
- Operating income after depreciation/amortisation and financial items totalled SEK -3,881 thousand (Q4 2021: SEK -4,160 thousand).
- Earnings per share after financial items before dilution amounted to SEK -0.25 (Q4 2021: SEK -0.26).
- Earnings per share after financial items after dilution amounted to SEK -0.23 (Q4 2021: SEK -0.26).
- Cash flow from operating activities was SEK -5,751 thousand (Q4 2021: SEK -5,392 thousand).
Key financial figures for the full year 2022
- Net sales amounted to SEK 0 (FY 2021: SEK 0).
- Operating income after depreciation/amortisation and financial items totalled SEK -20,141 thousand (FY 2021: SEK -16,776 thousand).
- Earnings per share after financial items before dilution amounted to SEK -1.28 (FY 2021: SEK -1.06).
- Earnings per share after financial items after dilution amounted to SEK -1.22 (FY 2021: SEK -1.06).
- Cash flow from operating activities was SEK -15,696 thousand (FY 2021: SEK -22,235 thousand).
- The Board of Directors does not intend to propose any dividend to the upcoming Annual General Meeting.
Detailed financial information
The year-end report 2022 of Eurobattery Minerals AB is available for download at the Company’s website and can be viewed in the attachment of the release (see below).
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on 22 February 2023 at 07:30 CET.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
Stockholm, 11 January 2023 – Eurobattery Minerals AB’s (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) rights issue of units has been registered with the Swedish Companies Registration Office. The last day for trading in paid subscribed units (“BTU”) is on 13 January 2023. Euroclear’s record date for conversion from BTU to shares and warrants is on 17 January 2023. The new shares and warrants are expected to be distributed to the respective shareholder’s VP account/depot on 19 January 2023. The first day of trading of the warrants of series TO3 (Ticker: BAT TO3) is on 19 January 2023 and they will be traded until and including 28 March 2023.
For more information, please contact
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
Stockholm, 22 December 2022 – Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: "Eurobattery" or the "Company") has completed the rights issue of units with subscription period between 7 December and 21 December 2022 (the "Rights issue"). The Rights issue has been subscribed to approximately 56 per cent and the Company will receive approximately SEK 27.5 million before deduction of issue costs. The subscription price in the Rights issue was SEK 3.00 per unit, where one unit consisted of one new share and one warrant free of charge. Approximately SEK 25.2 million, corresponding to approximately 51 per cent of the Rights issue, was subscribed for and allocated to investors that subscribed with unit rights. Approximately SEK 2.3 million, corresponding to approximately 5 per cent of the Rights issue, was subscribed for and allocated to investors that subscribed without unit rights. The outcome implies that no underwriting commitments will be claimed, and that the over-allotment issue of a maximum of SEK 15.0 million will not be utilised. The proceeds from the Rights issue will be used for partial repayment of an outstanding convertible, finalisation of the acquisition of all shares in FinnCobalt Oy and for further investments in the Corcel and Hautalampi projects.
Through the Rights issue the Company will receive gross proceeds of approximately SEK 27.5 million. The number of shares will increase by 9,172,102 shares, from 16,522,237 shares to 25,694,339 shares, when the new shares are registered by the Swedish Companies Registration Office in the beginning of January 2023. The share capital will increase by SEK 9,172,102, from SEK 16,522,237 to SEK 25,694,339, which implies a dilution of approximately 35.7 per cent. When the registration has occurred at the Swedish Companies Registration Office, paid subscribed units (BTU) are converted into shares and warrants. In total, 12,505,435 warrants of series TO3 will be registered (including the 3,333,333 warrants issued to Formue Nord Fokus A/S as communicated in an earlier press release on 31 October 2022), which entitle the holder to subscribe for one new share in the Company per exercised warrant during the period between 20 March and 31 March 2023. If all warrants of series TO3 are exercised, the Company’s shares will be diluted by an additional approximately 32.7 per cent.
Allocation of units subscribed without unit rights has been carried out in accordance with the allocation principles stated in the prospectus, which has been prepared in connection with the Rights issue and was published on 5 December 2022. Notice of allocation of units subscribed without unit rights will be sent to those allotted units today on 22 December 2022. Subscribed and allotted units must be paid for in cash, and the payment must be received by Aqurat Fondkommission AB on the settlement date, 27 December 2022, at the latest, according to instructions on the settlement note. No message is sent to those that have not been allotted any units.
Disclaimer
This information is of the kind that the Company is required to disclose in accordance with the EU's Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on 22 December 2022 at 17:00 CET.
Advisers
Augment Partners AB acted as financial adviser and Bird & Bird Advokat KB acted as legal adviser in the transaction.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realise numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
For more information, please contact
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
IMPORTANT INFORMATION
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.
This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
Stockholm, 15 December 2022 – The Board of Directors of the mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) has prepared a supplementary prospectus (the "Supplementary prospectus") to the EU growth prospectus which was approved and registered by the Swedish Financial Supervisory Authority and published on 5 December 2022 (the "Prospectus"). The Supplementary prospectus has today been approved by the Swedish Financial Supervisory Authority and, subsequently, published on the Company's and the Swedish Financial Supervisory Authority's respective websites. The Supplementary prospectus has been prepared due to the Company’s publication of results from metallurgical studies for the Corcel project through press release on 12 December 2022. The Company has also clarified that the offer to subscribe for units in Germany is exempt from prospectus obligation.
Investors who, prior to the publication of this Supplementary prospectus, have applied or otherwise consented to the subscription of units in the rights issue that Eurobattery made public on 31 October 2022 (the "Rights issue") have, according to Article 23 of the Prospectus Regulation, the right to withdraw their application or consent within three working days following the publication of the Supplementary prospectus, i.e. on 20 December 2022 at the latest.
The withdrawal should be made in writing to Aqurat Fondkommission AB, Box 7461, SE-103 92 Stockholm or via e-mail to info@aqurat.se. Investors who have applied for subscription of units through a nominee must contact their nominee regarding the withdrawal. An application that is not withdrawn within the specified period will remain binding and if an investor wishes to continue with their subscription of units they do not need to take any measures.
The Prospectus and Supplementary prospectus are available on the Company's offer site, www.eurobatteryminerals.com/en/rights-issue-2022/, on Augment Partners AB's offer site, www.augment.se/offerings/, on Aqurat Fondkommission AB's website, www.aqurat.se, as well as on the Swedish Financial Supervisory Authority's website, www.fi.se. For the complete terms and other information about the Rights issue, please refer to the Prospectus and the Supplementary prospectus.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
For more information, please contact
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se.
IMPORTANT INFORMATION
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.
This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.
Stockholm, 12 December 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) today announces the result of a metallurgical study in its Spanish Corcel project. The study, carried out on 3 samples with different Nickel (Ni) grades (medium, low and high), confirms a high level of Nickel worth EUR 113.9 million (1) only in the small part of the Castriz project.
Highlights
- Metallurgical tests for Ni recovery have been performed on 3 samples (medium, low and high grade) from the drilling campaign carried out in 2021 in the Corcel project.
- The results of the metallurgical study, carried out by AGQ LABS, confirm the economic interest of the Corcel project, obtaining Ni recoveries above 50% in all the flotation tests carried out using conventional techniques.
- Considering the results of the flotation tests and the resources estimated in the NI 43-101 Technical Report, there would be 6,435 (2) tonnes of Ni concentrate only in the small part of the Castriz prospect area evaluated. In the larger Corcel, Castriz is one part, but the larger project also includes Monte Mayor and Monte Castello, deposits with similar rock formation indicating a much larger Ni deposit.
“With the metallurgical study in hand we can now see that there is a huge potential in the Corcel project with clear indications of EUR 113.9 million worth of Ni only in the small part of the Castriz project covered. With all current data available we can see that the potential of the Corcel project is significantly higher than previously anticipated. Combining this insight with the identification that we can use well-proven techniques to extract the minerals with recoveries above 50% underline that the outlook for a significant battery mineral mine in Corcel is great,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The metallurgical study was carried out by AGQ LABS in Burguillos (Seville). AGQ LABS is a Chemical Technology Centre with a direct presence in 20 countries and has extensive experience in the mining sector, providing services in both the pre-operational and post-operational stages.
The scope of the study included a first stage of flotation foam and a subsequent stage of acid leaching of the flotation residue. The results obtained showed that the Ni content is recoverable by flotation, obtaining values higher than 50% (higher than 70% in the case of the high-grade sample).
Attached to this press release is an appendix with a detailed summary of the metallurgical study.
The complete metallurgical study is available for download via this link: https://eurobatteryminerals.com/en/projects/corcel-project/.
(1) Considering a payable Ni concentrate price of 17,698 €/t, the gross value of the Ni resources evaluated to date in the Corcel project amounts to 113,889,847 €.
(2) 5,595,580 mineral tonnes x 0.23 (Ni tonnes/100 mineral tonnes) x 50 Ni concentrate tonnes / 100 Ni tonnes) = 6,435 Ni concentrate tonnes
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on December 12, 2022, at 07:30 CET.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
Email: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
Email: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255,
Email: info@augment.se.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
Stockholm, 5 December 2022 – The Board of Directors of the mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) decided on a rights issue of units amounting to approximately SEK 49.6 million (the "Rights issue") on 31 October 2022, which was approved by the Extraordinary General Meeting on 30 November 2022. The Extraordinary General Meeting also authorised the Board of Directors to decide on an over-allotment issue of units amounting to a maximum of SEK 15.0 million (the "Over-allotment issue") in the event of over-subscription in the Rights issue. Due to the Rights issue, the Board of Directors has prepared a prospectus which has been published today on 5 December 2022. Furthermore, the Company will hold a digital investor meeting with the CEO of the Company, Roberto García Martínez, on 14 December 2022.
In connection with the Rights issue, the Board of Directors of Eurobattery has prepared an EU growth prospectus which today has been approved and registered by the Swedish Financial Supervisory Authority and subsequently published by the Company. The Prospectus is available for download on the Company’s issue site, www.eurobatteryminerals.com/en/rights-issue-2022/, Augment Partner AB’s offer site, www.augment.se/offerings/, on Aqurat Fondkommission AB’s website, www.aqurat.se, and as an attachment to this press release. The Prospectus will also be available on the Swedish Financial Supervisory Authority’s website, www.fi.se/en/. Subscription forms will be available on the websites mentioned above before the subscription period starts on 7 December 2022.
Indicative timetable for the Rights issue
| 7 December – 16 December 2022 | Trading in unit rights at NGM Nordic SME |
| 7 December – 21 December 2022 | Subscription period |
| 7 December 2022 – registration at the Swedish Companies Registration Office | Trading in interim units (BTU) |
| 22 December 2022 | Announcement of the outcome of the Rights issue |
Invitation to the Company’s investor meeting
The CEO of Eurobattery, Roberto García Martínez, will be presenting the Company at an investor meeting on Wednesday 14 December 2022 between 5:00 – 6:00 PM CET. Shareholders and other stakeholders have the opportunity to follow the presentation in real-time and ask questions to the Company during the subsequent Q&A session or, alternatively, watch the event afterwards on Financial Hearings’ webcast.
Registrations for the investor meeting are made on the following link: ir.financialhearings.com/eurobattery-minerals-2022/. Please note that the investor meeting will be held in English.
Advisers
Augment Partners AB is acting as the financial advisor and Bird & Bird Advokat KB is acting as the legal advisor in the transaction.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
For more information, please contact
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se.
IMPORTANT INFORMATION
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.
This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.
Exercise period for TO4 underway - more details here
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