European Lithium Ltd (ASX:EUR, FRA:PF8, VSE:ELI) has completed the first tranche of its placement and has issued 28.75 million shares at $0.05 to raise circa $1.4 million before expenses.
The company undertook the placement to sophisticated and professional investors as the most expedient mechanism for raising funds in a timely manner.
The funds raised will be used towards finalising the pre-feasibility study at the company’s Wolfsberg Lithium Project located in Austria, which hosts resource of 10.98 million tonnes at 1% lithium oxide.
Recently, European Lithium became the first Australian company to be admitted to the Vienna Stock Exchange (VSE) in Austria.
The listing increases exposure to European investors.