European in $20m raising

European Cobalt will raise $20 million through a share placement as the junior miner advances exploration work at its Dobsina copper, nickel, cobalt project in central Slovakia.

The Perth-based company will issue 100 million shares at 20 cents each with firm commitments from existing institutional shareholders and new overseas investors.

Managing director Rob Jewson the strong interest in the capital raising was a testimony to the quality of the Dobsina project.

“With this level of funding we are capable of significantly expediting the planned exploration and development activities at Dobsina,” he said.

Tamesis Partners and BW Equities acted as joint lead managers to the placement.

European had a one-year total shareholder return of 16,400 per cent to the end of September.

The company’s share price finished down 2 per cent at 24 cents today.