REG - European Lithium Ltd - Placement and Key Strategic Board Appointment

European LithiumAnnouncement

02/09/2020 07:45

RNS Number : 7903X
  
European Lithium Limited
  
02 September 2020
  
 

European Lithium Ltd
("European Lithium", "EUR" or "the Company")
PLACEMENT AND KEY STRATEGIC BOARD APPOINTMENT 
Highlights
·     As part of the Company's strategic engagement with Talaxis, a global leader in EV technology metals project development, EUR has appointed Mr Kimon Gkomozias as Executive Director
 
·     Kimon will drive the Company's financing efforts and identification of strategic development partners for the Company's Wolfsberg Lithium Project in Austria 
 
·     As part of the appointment, Company intends to complete a placement of AUD$2m at $0.045 with a 1 for 4 Option ($0.05, 31 July 2022) 
 
European Lithium Limited (ASX:EUR, FRA:PF8, NEX:EUR, VSE:ELI) (EUR or the Company) is pleased to announce that as part of its strategic engagement with Talaxis Limited (Talaxis), it has appointed Mr Kimon Gkomozias as Executive Director effective 2 September 2020 (subject to AQSE standard regulatory checks).
 
Appointment of Kimon Gkomozias
In his most recent assignment, Kimon has lead Talaxis' Business Development in Europe, where he had taken charge for the origination and execution of strategic partnerships in Europe, Middle East and Africa. Prior to Talaxis, Kimon was at the Wealth and Investment Management division of Barclays Bank, where he spent twelve years developing investment solutions and investment products as well as providing investment advice to private clients (HNW/UHNW/Family Offices) and institutional clients (UK DB Pensions, Charities, Universities, Foundations and Corporates).
Kimon Gkomozias is a qualified Chartered Alternative Investment Analysyt (CAIA) and a member of the UK Institute of Directors. Kimon also served and is currently a reserve officer (2nd lieutenant) at the 2nd Paratrooper Regiment of the Special Forces Division of the Greek Army.
In accordance with ASX Listing Rule 3.16.4, the key terms of Kimon's remuneration is set out in Annexure A. 
Tony Sage EUR Non-Executive Chairman commented: "As part of EUR's strategic engagement with Talaxis, I am particularly excited with Kimon's appointment to the Board as an Executive Director. Kimon brings a unique skill set with his European financial markets experience and will be crucial in driving both the financing / strategic partnering  of the Wolfsberg Project as well as accessing a number of EU incentive programs that will assist with the mine development."
 
AUD$2m Placement
As part of Kimon's Board appointment, the Company intends to undertake a placement, mainly to Australian and International based sophisticated investors, at an issue price of $0.045 with a 1 for 4 free attaching option (which are exercisable at $0.05 on or before 31 July 2022) to raise proceeds of up to AUD$2m (Placement). The Placement will be managed and coordinated by Talaxis and Empire Capital Partners. Empire Capital Partners will be paid a fee of 6% on the amount raised. 
The Company intends to use its capacity under listing rule 7.1A to issue the Placement shares and listing rule 7.1 to issue the Placement options subject to shareholder approval. 
 
Board Change 
The Company advises that Mr Turner has resigned from the Board of EUR effective 2 September 2020. The Board would like to take this opportunity to thank Tim for his contribution to the Company during his appointment. 
 
 
Tony Sage

Non-Executive Chairman
European Lithium Limited 
 
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 (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
 




AQSE Corporate Adviser


+44 207 220 1666




James Joyce








James Sinclair-Ford







 
 




 
Notes to editors:
Annexure A
Mr Gkomozias is engaged under a letter of appointment with EUR in which Mr Gkomozias will receive a base fee of $15,000 per month.  The base fee will increase to $20,000 per month upon the successful completion of the Placement.
About Talaxis
Talaxis is a wholly owned subsidiary of Noble Group Holdings Limited, Asia's leading independent energy products and industrial raw materials supply chain manager. It invests and participates in the development of projects in the technology metals sector, leveraging Noble's resources through access to logistics and supply chain management, and assists with the design and structure of project financing solutions. Talaxis prioritises ventures that contribute to the decarbonization of the economy and that are aligned with the United Nations Sustainable Development Goals.
 
About Wolfsberg Lithium Project
 
EUR is developing its Wolfsberg Lithium Project in Austria (100% interest) where it aims to be the first local supplier of lithium into an integrated European battery supply chain. In April 2018, the Company completed its PFS which solidified the economic robustness of the Project. The Company is projecting an increase of its Measured and Indicated resources for the DFS, so that the Project design and evaluation will be at a maximum mining rate of approximately 800,000 t/a (67,000 t/a spodumene concentrate). 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
NEXGLGDCGSGDGGD