European Lithium raises A$30m
PERTH (miningweekly.com) - ASX-listed European Lithium will raise A$30-million to fund a strategic land acquisition, and resource extension drilling and metallurgical test work at the company’s Wolfsberg lithium project, in Austria.
The share placement will be priced at 13c a share, with the shares to be issued under the company’s existing placement capacity. Investors will also be issued one option for every two shares issued, exercisable at 18c each, and expiring at the end of March 2025.
“We are delighted to have received firm commitments to raise A$30-million with the proceeds to be used to significantly advance the development of the Wolfsberg lithium project, as we continue to progress towards battery grade lithium production,” said European Lithium chairperson Tony Sage.
“While current work in Ukraine has been suspended, we remain 100% committed to the people of Ukraine and look forward in time to continuing to develop Europe’s largest hard rock asset.”
Sage noted that funds raised will be used for strategic land acquisition, a resource extension drill programme of Zone 2 at Wolfsberg, Stage 1 of project development metallurgical test work for by-products from Wolfsberg and for general exploration purposes and working capital.
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