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European Lithium updates on sale of Paynes Find Gold Project

European Lithium will receive a consideration payment for the amended terms.
European Lithium updates on sale of Paynes Find Gold Project
European Lithium is focused on the Wolfsberg Project

European Lithium Ltd (ASX:EUR,FRA:PF8,VSE:ELI) has agreed to amend the terms of the sale agreement with Cervantes Gold Pty Ltd (ASX:CVS) for the sale of its Paynes Find Gold Project.

Changes are:

- The end date for completion of the transaction has been amended to the 15th January 2018; and
- This extension was provided in consideration for the payment of $25,000 from CVS to the company by the 28th November 2017.

The total consideration payable in relation to the deal remains unchanged and comprises $500,000 cash (of which $195,000 has been received to date and $25,000 is due by 28 November 2017 as outlined above) and $500,000 in shares at a deemed issue price of $0.02 (for 25 million shares) on completion of the transaction.

The company remains focused on the Wolfsberg Lithium Project in Austria.

READ NOW: European Lithium to fast-track lithium pre-feasibility study

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