REG - European Lithium Ltd - Conversion of Debt
RNS Number : 9754NEuropean Lithium Limited27 May 202027 May 2020
European Lithium Ltd
("European Lithium", "EUR" or "the Company")
EUROPEAN LITHIUM CONVERSION OF DEBT
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 Description
Debt to be Converted
Shares to be issued
Ritchie Campbell
Short Term Loan Holder
$370,323
8,229,391
Okewood Pty Ltd
Director fees
$44,000
977,776
Hollywood Marketing (WA) Pty Ltd
Director fees
$22,000
488,890
Marnichar Nominees Pty Ltd ATF the Hallemar Trust trading as CRMS
Director fees
$7,948
176,622
Alexander Guy
Funds advanced to the Company
$2,000
44,444
Dietrich Wanke
CEO fees
$52,500
1,166,675
EVP Investments Pty Ltd*
PR and IR services
$12,100
268,890
GEO Unterweissacher GmbH*
Geological consulting services
$75,764
1,683,653
Bellatrix Corporate Pty Ltd
Accounting and company secretarial services
$40,500
900,001
WH Ireland Limited*
NEX adviser and broker retainer fees
$115,783
2,572,966
Total
$742,918
16,509,308
* Subject to receipt of final executed agreement
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 31 July 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 authorised for release to the ASX by the Board of the Company.
Tony Sage
Non-Executive Chairman
European Lithium Limited
- END -
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
Tony Sage
ir@europeanlithium.com
NEX Corporate Adviser
+44 207 220 1666
James Joyce
James Sinclair-Ford
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDNEXEASSKAADEEFA
Recent news on European Lithium
See all newsREG - European Lithium Ltd - Issue of Securities
AnnouncementREG - European Lithium Ltd - Shares/Options Issue & Director/PDMR Shareholding
AnnouncementREG - European Lithium Ltd - Total Voting Rights and Capital
AnnouncementREG - European Lithium Ltd - Extension to Closing Date of Share Purchase Plan
AnnouncementREG - European Lithium Ltd - Result of AGM
Announcement