Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.
West Leederville – European Lithium Limited (ASX: EUR, FRA: PF8, NEX: EUR, VSE:
ELI) (“EUR” or the “Company”) is pleased to announce that it has come to an agreement with the following creditors and short term loan holder to convert up to $ 742,918 of current debt into equity (subject to regulatory approval) (Debt Conversion):
Creditor Services or Debt to be converted Shares to be issued
Ritchie Campbell Short Term Loan $ 370,323 8,229,391
Okewood Pty Ltd Director fees $ 44,000 977.776
Hollywood Marketing Director fees $ 22,000 488.890
(WA) Pty Ltd
Pty Ltd ATF the Director fees $ 7,948 176.622
trading as CRMS
Alexander Guy Funds advanced to $ 2,000 44,444
Dietrich Wanke CEO fees $ 52,500 1,166,675
EVP Investments Pty PR and IR services $ 12,100 268.890
GEO Unterweissacher Geological $ 75,764 1,683,653
GmbH * consulting services
Bellatrix Corporate Accounting and
Pty Ltd company secretarial $ 40,500 900.001
WH Ireland Limited NEX adviser and
* broker retainer $ 115,783 2,572,966
Total $ 742,918 16,509,308
Debts will be converted based on a share price of 4.5c with a free attaching 1 for 1 unlisted option with an exercise price of 5c expiring on July 31, 2022 (option). The share price of 4.5c has been determined based on the 20 day VWAP prior to 22 May 2020. The maximum number of securities to be issued pursuant to the Debt Conversion is 16,509,308 fully paid ordinary shares (Shares) and 16,509,308 Options.
The Debt Conversion includes a portion of amounts owing to Directors of the Company. The issue of 1,643,288 Shares (Director Shares) and 1,643,288 Options (Director Options) to Directors will be subject to shareholder approval at the Company’s next general meeting.
Excluding Director Shares and Director Options, the remaining 14,866,020 Shares and 14,866,020 Options are proposed to be issued under the Company’s LR 7.1 capacity.
This announcement has been authorized for release to the ASX by the Board of the Company.
European Lithium Limited
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end of announcement euro adhoc
Attachments with Announcement:
issuer: European Lithium Limited
Harrogate Street 32
AU-WA6007 West Leederville
phone: +61 8 6181 9792
stockmarkets: Frankfurt, Wien
Digital press kit: http://www.ots.at/pressemappe/31529/aom
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