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European Lithium continues to gain strong European support for lithium strategy

The company is undertaking a placement mainly to European-based sophisticated investors to raise up to €1.5 million.

Underground inspection at Wolfsberg
Inspecting mineralisation at the Wolfsberg Lithium Project in Austria

European Lithium Ltd (ASX:EUR) is raising up to €1.5 million (approximately A$2.397) in a placement primarily to European-based sophisticated investors.

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.

READ: European Lithium director shows confidence in integrated lithium strategy focused on Europe

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.”

READ: European Lithium has near-term DFS catalysts for integrated lithium supply strategy 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.

READ: European Lithium hits impressive Wolfsberg ore test milestone ahead of schedule

These include drilling to upgrade resources in Zone 1 at Wolfsberg as well as ongoing test work.

Quick facts: European Lithium Ltd

Price: 0.082 AUD

ASX:EUR
Market: ASX
Market Cap: $48.15 m
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