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European Lithium wraps up first tranche of placement for Wolfsberg Lithium

Published: 13:42 16 Oct 2017 AEDT

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The company is focused on the Wolfsberg Lithium Project

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.

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