EANS-News: European Lithium Limited $7m Raised to fund Lithium Exploration - ATTACHMENT
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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
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Financing
West Leederville - European Lithium Limited (ASX:EUR, FRA:PF8, VSE:ELI) (EUR or
the Company) is pleased to announce that it has received commitments to raise
A$7 million through a placement to sophisticated investors at $0.05 per share.
Investors will also be issued one option (exercise price $0.075, expiring 3
years from issue) for every 2 shares issued.
Funds raised will supplement the Company's SPP (to close on 22 January 2021) and
will be used to continue exploration and development on its Wolfsberg Lithium
Project and WA tenement considered prospective for conglomerate gold, and
working capital.
Placement shares will be issued without shareholder approval relying on the
company's capacity under Listing Rule 7.1 and 7.1A. The attaching options are
subject to shareholder approval, which will be sought as soon as practicable.
The company will seek to have the options quoted.
EUR Chairman Tony Sage commented, "We are excited by the huge support in the
placement shown by institutional and high net worth investors in Australia, Asia
and Europe. We believe this reflects the positive market sentiment for battery
metals. After a very challenging year we now see demand for lithium chemicals to
support a very strong EV market which led to the recent lithium price rally. The
funds will also be used to explore our recently acquired gold project in the
hottest region in Australia with De Gray, Azure, Artemis and Novo all finding
success ".
The placement is lead managed by Evolution Capital Advisors and Empire Capital
Partners. The Lead Managers will be paid 6% of the amount raised and, subject to
shareholder approval, be issued 1 share for every $ 2.50 raised and 20 million
options on the same terms as the attaching options.
This announcement has been authorized for release to the ASX by the Board of the
Company.
Tony Sage
Non-Executive Chairman
European Lithium Limited
-END-
Further inquiry note:
info@europeanlithium.com
end of announcement euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/10207074/5/10651276/1/210119_EUR_Placement_Jan_21.pdf
issuer: European Lithium Limited
Harrogate Street 32
AU-WA6007 West Leederville
phone: +61 8 6181 9792
FAX:
mail: ir@europeanlithium.com
WWW: www.europeanlithium.com
ISIN: AU000000EUR7
indexes:
stockmarkets: Frankfurt, Wien
language: English
