European Lithium (ASX:EUR) completes $2.1M placement

• European Lithium (EUR) has completed a placement and raised $2.1 million through the issue of 46.4 million shares at 4.5 cents each
• This placement also consists of a one-for-four free attaching unlisted option, exercisable at 0.5 cents on or before July 31, 2022
• EUR will use the money to progress the definitive feasibility study at the Wolfsberg Lithium Project in Austria and undertake metallurgical testwork to confirm end products
• The money will also go towards progressing permits and approvals needed to begin construction and advance discussions with offtake and financing partners
• EUR has ended the day with no change; shares have been trading for six cents since September 18

European Lithium (EUR) has completed a placement and raised $2.1 million through the issue of 46.4 million shares at 4.5 cents each.

This placement also consists of a one-for-four free attaching unlisted option, exercisable at 0.5 cents on or before July 31, 2022, however, this is subject to shareholder approval.

EUR will use the money to progress the definitive feasibility study at the Wolfsberg Lithium Project in Austria and undertake metallurgical testwork to confirm end products.

The money will also go towards progressing permits and approvals needed to begin construction, and advance discussions with offtake and financing partners.

“The European Union has commenced an ambitious plan to build and reshape its battery supply chain. The European Commission’s recently announced Action Plan on Critical Raw Materials, is looking at the current and future challenges and actions to reduce Europe’s dependency on third world countries,” Executive Director Kimon Gkomozias said.

“EUR is well-timed and well-positioned to benefit from Europe’s unprecedented need for lithium, contributing to the European integration of the lithium supply chain and capitalising on the resulting growth of the regional lithium ecosystem,” he added.

EUR has ended the day with no change; shares have been trading for six cents since September 18.