European Lithium Limited / $7m Raised to fund Lithium Exploration

18.01.2021, 2592 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.
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-
end of announcement euro adhoc
Attachments with Announcement: ---------------------------------------------- http://resources.euroadhoc.com/documents/10207074/5/10651276/...
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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