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DJ European Lithium Limited Winance Funding Received

TIDMEUR

RNS Number : 6600O

European Lithium Limited

02 June 2020

European Lithium Ltd

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

WINANCE FUNDING RECEIVED

European Lithium Limited (ASX:EUR, FRA:PF8, NEX:EUR, VSE:ELI) (EUR or the Company) is pleased to confirm that it has received A$1.0m (before expenses) under the A$10m finance facility previously established with Winance Investment LLC ( Winance )(refer ASX Announcement 31 July 2019).

On 5 March 2020, the Company announced that it had agreed to draw down a further A$2.0m (2,000 convertible notes) under the Winance facility ( Tranche 2 ), and the notes were issued on 10 March 2020. However Tranche 2 funding was delayed as a result of COVID-19, and as a result, the notes were held in escrow pending receipt of funds. The Company is very pleased to confirm that A$1.0m (before expenses) from Tranche 2 has now been received, and 1,000 notes have been released from escrow.

Tony Sage, Chairman, commented "We are very pleased not only to have announced Noble group as partners but also Winance in delivering on their promise to keep funding the project. We have had a very good relationship even through the COVID-19 lockdown".

Waqas Ibrahim, CFO of Winance, commented "We are pleased, now that the COVID-19 restrictions have been eased, to release the funds under our existing facility with European Lithium. We strongly believe the management of EUR can deliver on bringing the Wolfsberg project into production".

Full terms of the notes are set out in the Company's notice of annual general meeting announced 8 October 2019.

Tony Sage

Non-Executive Chairman

European Lithium Limited

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Visit the Company's website (www.europeanlithium.com) 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 
                          ir@europeanlithium.com 
 NEX Corporate Adviser    +44 207 220 1666 
 James Joyce 
 James Sinclair-Ford 
 

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END

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(END) Dow Jones Newswires

June 02, 2020 03:24 ET (07:24 GMT)