European Lithium Limited / Conversion of Debt

27.05.2020, 3210 Zeichen



Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.
Company Information
West Leederville - European Lithium Limited (ASX: EUR, FRA: PF8, NEX: EUR, VSE: ELI) ("EUR" or the "Company") is pleased to announce that it has come to an agreement with the following creditors and short term loan holder to convert up to $ 742,918 of current debt into equity (subject to regulatory approval) (Debt Conversion):
Creditor Services or Debt to be converted Shares to be issued Description Ritchie Campbell Short Term Loan $ 370,323 8,229,391 Holder Okewood Pty Ltd Director fees $ 44,000 977.776 Hollywood Marketing Director fees $ 22,000 488.890 (WA) Pty Ltd Marnichar Nominees Pty Ltd ATF the Director fees $ 7,948 176.622 Hallemar Trust trading as CRMS Alexander Guy Funds advanced to $ 2,000 44,444 the company Dietrich Wanke CEO fees $ 52,500 1,166,675 EVP Investments Pty PR and IR services $ 12,100 268.890 Ltd * GEO Unterweissacher Geological $ 75,764 1,683,653 GmbH * consulting services Bellatrix Corporate Accounting and Pty Ltd company secretarial $ 40,500 900.001 services WH Ireland Limited NEX adviser and * broker retainer $ 115,783 2,572,966 fees Total $ 742,918 16,509,308

Debts will be converted based on a share price of 4.5c with a free attaching 1 for 1 unlisted option with an exercise price of 5c expiring on July 31, 2022 (option). The share price of 4.5c has been determined based on the 20 day VWAP prior to 22 May 2020. The maximum number of securities to be issued pursuant to the Debt Conversion is 16,509,308 fully paid ordinary shares (Shares) and 16,509,308 Options.
The Debt Conversion includes a portion of amounts owing to Directors of the Company. The issue of 1,643,288 Shares (Director Shares) and 1,643,288 Options (Director Options) to Directors will be subject to shareholder approval at the Company's next general meeting.
Excluding Director Shares and Director Options, the remaining 14,866,020 Shares and 14,866,020 Options are proposed to be issued under the Company's LR 7.1 capacity.
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 -
end of announcement euro adhoc
Attachments with Announcement: ---------------------------------------------- http://resources.euroadhoc.com/documents/10207074/5/10482317/1/200527_European_Lithium_Conversion_of_Debt.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
Digital press kit: http://www.ots.at/pressemappe/31529/aom

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