Australia-based European Lithium Limited (ASX: EUR) has been trading on a halt since August 25, 2020. The halt was announced due to the company’s proposed $25 million capital raising.
The company has had an eventful year, making great progress on its Wolfsberg Lithium Project located in Austria. In June 2020, they announced that they had achieved lithium concentrate production test results of over 6.2% Li2O from the pilot plant operations.
In July 2020, the European Union Strategic Investment Fund had made an investment of 7.5 million euros in European Lithium’s Wolfsberg Project, signaling a positive outlook towards the company.
The company’s Wolfsberg Lithium Project is the largest lithium deposit in Europe and comprises of over 60 square kilometres of mining and exploration licence areas.
The project is estimated to contain proven and probable reserves of 3.1 million tonnes of lithium ore with a potential 20 year mine life.
Following the proposed capital raising of $25 million, the company plans to initiate the feasibility study of the Wolfsberg Lithium Project and conduct further exploration.
The capital raising is expected to be completed after the halt is ended and will be used to fund the costs associated with the continued exploration and development of the Wolfsberg Lithium Project.
The halt of the trading of the company’s share is expected to be ended by August 31, 2020.
The decision to halt the trading of the company’s shares has been deemed as a necessary step for the completion of the proposed capital raising.
Shareholders of the company are advised to wait until August 31 to trade the company’s shares, and any news regarding the proposed capital raising or operations of the Wolfsberg Lithium Project will be declared in due course.
European Lithium is a publically traded company and therefore the halting of trading of EUR’s share should not result in any permanent losses to the shareholders provided that the capital raising is initiated successfully.
Shareholders should exercise caution and remain patient, so that their investments are not at risk, as necessary steps are being undertaken by the company to ensure the success of the Wolfsberg Lithium Project and the proposed capital raising.
Australia-based European Lithium Limited (ASX: EUR) has been trading on a halt since August 25, 2020. The halt was announced due to the company’s proposed $25 million capital raising.
The company has had an eventful year, making great progress on its Wolfsberg Lithium Project located in Austria. In June 2020, they announced that they had achieved lithium concentrate production test results of over 6.2% Li2O from the pilot plant operations.
In July 2020, the European Union Strategic Investment Fund had made an investment of 7.5 million euros in European Lithium’s Wolfsberg Project, signaling a positive outlook towards the company.
The company’s Wolfsberg Lithium Project is the largest lithium deposit in Europe and comprises of over 60 square kilometres of mining and exploration licence areas.
The project is estimated to contain proven and probable reserves of 3.1 million tonnes of lithium ore with a potential 20 year mine life.
Following the proposed capital raising of $25 million, the company plans to initiate the feasibility study of the Wolfsberg Lithium Project and conduct further exploration.
The capital raising is expected to be completed after the halt is ended and will be used to fund the costs associated with the continued exploration and development of the Wolfsberg Lithium Project.
The halt of the trading of the company’s share is expected to be ended by August 31, 2020.
The decision to halt the trading of the company’s shares has been deemed as a necessary step for the completion of the proposed capital raising.
Shareholders of the company are advised to wait until August 31 to trade the company’s shares, and any news regarding the proposed capital raising or operations of the Wolfsberg Lithium Project will be declared in due course.
European Lithium is a publically traded company and therefore the halting of trading of EUR’s share should not result in any permanent losses to the shareholders provided that the capital raising is initiated successfully.
Shareholders should exercise caution and remain patient, so that their investments are not at risk, as necessary steps are being undertaken by the company to ensure the success of the Wolfsberg Lithium Project and the proposed capital raising.
