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Europa Metals receives exploration grant for Toral project in north-west Spain
StockMarketWire.com
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Lead-zinc and silver developer Europa Metals said it had been received an interest-free loan through a grant of €466,801.50 for its Toral lead, zinc and silver project located in the region of Castilla y Leon, north-west Spain.
Europa Metals said it would draw the grant monies - received from Centre for the Development of Industrial Technology - down in up to three tranches, with the initial tranche, comprising an amount of €163,380, to be received by the company imminently.
The second and third tranches were scheduled to be drawn down over the next 18 months subject to certain, defined, operational milestones.
'Biannual repayments of €21,822 begin in 2024, running for 7 years until 2031, with a fixed interest rate being set by the currently prevailing Euribor rate of nil per cent,' the company said.
'Once the funds have demonstrably been spent on appropriate R&D exploration activity at the Toral project by the company, 70% of the total grant would be repayable with the balancing 30% then not required to be repaid,' it added.
At 9:11am: (LON:EUZ) Europa Metals Ltd Ord Npv Di share price was +0.5p at 11.25p
Story provided by StockMarketWire.com
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