European Green Transition hits London Stock Exchange on rare metal hopes
This morning, the company confirmed trading would begin today with its 144,620,892 ordinary shares. It said it would launch with a market value of £14.5m
The self-described ‘green economy asset developer said that its admission follows a placing, subscription and retail offer for a total of 64,620,890 shares at 10p per share, raising gross proceeds of £6.4m.
The firm underwent a name change from European Green Metals to EGT earlier this month, and its principal asset is the Olserum rare earth element (REE) project in Sweden.
REEs are a set of 17 metallic elements deemed crucial for the green transition for their usage across electric vehicles and wind turbines and EGT says the site has the potential to become Europe’s first operating rare earths mine.
EGT does not intend to operate a mine at the site but monetise the asset “through sale or partnership with financial institutions or industry players.”
Aiden Lavelle, chief executive officer of European Green Transition, said that today’s listing and fund raise is a “crucial milestone” for the company and that the funds raised will get the firm moving towards acquiring new distressed green assets.
“I would like to thank our new and existing shareholders for their support and commitment to investing in the future of EGT.
“We are confident the company can capitalise on the significant opportunities created by the green energy transition in Europe to develop a profitable and sustainable business and I look forward to updating the market on future progress.”
Cathal Friel, co-founder and non-executive director of European Green Transition, added:“The listing of European Green Transition on the London Stock Exchange is an excellent milestone and following strong support from both institutional and family office investors we successfully raised a total of £6.4m.
“The EGT team and Board have a strong track record of scaling M&A focused companies on AIM, notably Cove Energy, Amryt Pharma and hVIVO, and we are confident we can replicate this tried and tested approach.”