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Rare Earth to raise Cinovec lithium deposit stake to 20.92%

Rare Earth Minerals Plc said Oct. 3 that it is raising its stake in the Cinovec lithium deposit in the Czech Republic to 20.92% through a direct holding in the share capital of European Metals Holdings Ltd., which fully owns Cinovec's exploration rights.

Rare Earth will acquire its additional holding in European Metals at a cost of about A$2.6 million via the latter's placement of 5 million chess depositary interests at 52 cents each.

European Metals will use the placement proceeds to develop Cinovec, complete a preliminary feasibility study and for working capital.