The company has already received the equivalent of A$315,000 in the placement at 9 cents per share.
Funds raised will be allocated to the ongoing definitive feasibility study (DFS) at the company’s Wolfsberg Lithium Project in Austria.
Wolfsberg will be the key supply source for the company’s integrated European lithium strategy, primarily servicing the continent’s growing electric vehicle industry
The company aims to become a lithium chemicals producer as well as a supplier of spodumene, quartz and feldspar products for the glass and ceramics industry.
Strong European support
Chairman Tony Sage is encouraged by the support being demonstrated in Europe for the strategy from investors, potential partners and others involved in the lithium industry.
He said: “We are progressing full steam ahead and it is our strong belief that our Wolfsberg project will be the first local producer of lithium hydroxide in Europe.”
EUR will use its capacity under ASX listing rule 7.1 to issue shares under the placement with shares to be issued and allotted by the company over the next three weeks as funds come in.
This placement is one of a number of near-term catalysts associated with the DFS.
These include drilling to upgrade resources in Zone 1 at Wolfsberg as well as ongoing test work.