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DJ European Lithium Limited Cancellation of Options

TIDMEUR

RNS Number : 7485N

European Lithium Limited

22 May 2020

22 May 2020

European Lithium Ltd

("European Lithium", "EUR" or "the Company")

CANCELLATION OF OPTIONS

European Lithium Limited (ASX:EUR)(FRA: PF8)(VSE: ELI)(NEX: EUR) (the Company) advises that 38 million listed options (ASX: EURO) with an exercise price of $0.10 each expiring on 30 June 2020 (Options) have been cancelled.

On 30 December 2019, the Company announced that it had agreed to a long-term debt facility of EUR 7,500,000 with a Swiss based sophisticated investor introduced by Helvetican International AG (Helvetican) (Debt Facility). Whilst the Company remains in communication with Helvetican, who have advised that they will work with EUR in the future when there is more visibility on the economic environment, no funds have been received under the Debt Facility and there is no certainty the Debt Facility will be entered into. As a result of the delays, Helvetican has agreed to cancel 38 million Options previously issued to them.

Below is an updated capital structure of the Company following the cancellation of the Options:

 
 Class                                                              Number 
 Fully paid ordinary shares (ASX: EUR)                         634,890,959 
                                                              ------------ 
 Listed Options exercisable at $0.10 each (exp 30-Jun-20) 
  (ASX: EURO)                                                  225,440,000 
                                                              ------------ 
 Unlisted Options exercisable at $0.20 each (exp 11-Dec-21)      2,500,000 
                                                              ------------ 
 

This announcement has been authorised for release to the ASX by the Board of the Company.

Melissa Chapman

Company Secretary

European Lithium Limited

- END -

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

Visit the Company's website to find out more about the advanced Wolfsberg Lithium Project located in Austria.

For further information please contact:

 
 European Lithium Ltd     +61 861 819 792 
 Tony Sage                info@europeanlithium.com 
 NEX Corporate Adviser    +44 207 220 1666 
 James Joyce 
 James Sinclair-Ford 
 

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END

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May 22, 2020 04:30 ET (08:30 GMT)