Total consideration for the sale comprises $500,000 cash and $500,000 in share consideration through the issue of shares in CVS, at $0.02 each.
European Lithium has received $220,000 with two instalments of $25,000 to be paid on or before 15 January 2018 and 28 February 2018.
Final cash instalment due by end of March
The final instalment of $230,000 is to be paid by CVS on or before 31 March 2018.
The shares will be issued on or before 29 December 2017.
Tony Sage, chairman, commented:
"We are very pleased to settle the sale of the Paynes Find Gold project with CVS.
"The company’s focus remains on finalising the PFS at the company’s flagship Wolfsberg Lithium project as well as better understanding the size and value of the deposit in Zone 2."