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European Lithium to finalise monetisation of non-core project

EUR will allocate the funds to its Wolfsberg Lithium project in Austria.
European Lithium to finalise monetisation of non-core project
Total consideration for the sale remains unchanged

European Lithium Ltd (ASX:EUR) has agreed to amend the terms of the sale agreement with Cervantes Gold (ASX:CVS) for the sale of its Paynes Find Gold Project.

Key changes:

- The end date for completion of the transaction has been amended to 30 September 2017; and
- This extension was provided in consideration for the payment of $100,000 from CVS to the company by 30 August 2017.

The total consideration payable remains unchanged and comprises $500,000 cash (of which $70,000 has been received to date) and $500,000 in share consideration through the issue of 25,000,000 shares in CVS at $0.02 per share.

Tony Sage, chairman, commented:

"All conditions precedent to settlement of the transaction have now been satisfied and we look forward to completing the transaction next month.

"The $100,000 payment will be utilised in progressing our flagship Wolfsberg Lithium project."

EUR is fast-tracking the development of Wolfsberg, located in Austria, and recently produced battery-grade lithium carbonate from its hydrometallurgical testwork program.

READ: European Lithium produces battery-grade lithium carbonate

The testwork showed that battery grade lithium carbonate grading over 99.9% can be made from the flotation concentrate.

View full EUR profile View Profile

European Lithium Ltd Timeline

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