January 10 (SeeNews) - Canada’s Leading Edge Materials (LEM) said that its interim CEO, Eric Krafft, has exercised warrants providing proceeds to the company of CAD 1.3 million ($970,290/909,200 euro) in order to support the ongoing development and exploration programmes at its projects in Romania and Sweden.
"We expect material progress during 2023 to advance all our three projects in order to increase and make visible significant shareholder value," Krafft said in a press release on Monday.
In Romania, LEM received an exploration licence for the Bihor Sud perimeter in May 2022. The licence perimeter covers a 25 sq km area in the Northern Apuseni mountains of Transylvania. The project is developed by LEM through its 51% owned subsidiary LEM Romania (LEMR).
Over the last couple of months, LEMR’s team of geologists have performed geological mapping work in the south-western area of the licence perimeter, the company said. This area was prioritized based on results from previous work done and sampling of historical mined material during the prospecting permit, with samples assaying up to 28% nickel, 6.8% cobalt and 17.75 ppm gold.
Leading Edge Materials is a public company focused on the production of high value critical raw materials for the European market. Its portfolio includes the Bihor Sud nickel cobalt exploration alliance in Romania as well as the Woxna graphite mine and the Norra Kaerr heavy rare earth deposits project in Sweden.
Following the exercise of warrants, the CEO will own 38% of the issued and outstanding common shares of LEM.
(1 CAD=0.6994 euro)