- European Lithium (EUR) has received commitments to raise $7 million through a placement to investors at $0.05 per share
- Investors will also be issued one option for every two shares issued, exercisable at $0.075 and expiring three years from issue
- The placement is lead managed by Evolution Capital Advisors and Empire Capital Partners
- Funds raised will supplement the company’s share purchase plan and will be used to continue exploration and development on its Wolfsberg Lithium Project and WA tenement
- European Lithium is up 57.1 per cent, trading at 11.0 cents
European Lithium (EUR) has received commitments to raise $7 million through a placement to investors at $0.05 per share.
Investors will also be issued one option for every two shares issued, exercisable at $0.075, expiring three years from issue.
The placement is managed by Evolution Capital Advisors and Empire Capital Partners.
The lead managers will be paid six per cent of the amount raised and, subject to shareholder approval, be issued one share for every $2.50 raised and 20 million options on the same terms as the attaching options.
Funds raised will supplement the company’s share purchase plan and be used to continue exploration and development on its Wolfsberg Lithium Project and WA tenement, considered prospective for conglomerate gold and working capital.
“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,” said EUR Chairman Tony Sage.
“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”.
European Lithium is up 57.1 per cent, trading at 11 cents at 12:44 pm AEDT.