European Minerals Corporation

European Minerals Corporation

March 24, 2006 10:27 ET

European Minerals Corporation Closes On Over-Allotment Option To Complete C$81 Million Financing

LONDON, UNITED KINGDOM--(CCNMatthews - March 24, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States

European Minerals Corporation ("EMC") (TSX:EPM)(AIM:EUM) announces that it has issued 10,050,000 units following the full exercise of the over-allotment option granted to the underwriters of the recently completed public offering led by Canaccord Capital Corporation and including Pacific International Securities Limited. Following the exercise of the over-allotment option, the gross proceeds raised pursuant to the offering is $80,902,500 in aggregate. The units were issued by way of a short form prospectus at $1.05 per unit. Each unit consists of one common share of EMC and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of C$1.55 per share until March 21, 2011.

EMC intends to use the net proceeds of the offering to bring its Varvarinskoye gold-copper mine in Kazakhstan into commercial production and for general working capital purposes.

The common shares and the warrants comprising the units are listed and posted for trading on the Toronto Stock Exchange ("TSX") under the symbols "EMP" and "EPM.WT.B" respectively. The TSX has also listed any common shares to be issued upon the exercise of the warrants. The common shares comprising the units issued pursuant to exercise of the over-allotment option will be admitted to trading on AIM on March 27, 2006.

Contact Information

  • European Minerals Corporation - United Kingdom
    Investor Information: Tony Williams
    +44 (0) 20 7529 7508
    European Minerals Corporation - United Kingdom
    Bert Kennedy
    President & CEO
    +44 (0) 20 7529 7508
    North America
    Vanguard Shareholder Solutions Inc.
    Keith Schaefer
    1 866-448-0780