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EANS-Adhoc European Lithium Limited / SIGNS BINDING AGREEMENT FOR A$10m FUNDING FACILITY

Nachrichtenagentur: news aktuell
31.07.2019, 10:30  |  634   |   |   
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.
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Capital Measures
31.07.2019

West Leederville - The Board of European Lithium Limited (ASX: EUR, FRA: PF8,
VSE: ELI, NEX: EUR) (the Company) is pleased to confirm that it has executed
binding documentation for an A$10m finance facility with Winance Investment LLC
(Winance or Investor) (Finance Facility).

The Winance Finance Facility replaces the Company's existing A$10m facility with
MEF I, L.P (Magna) (refer ASX announcement 7 September 2018). In relation to the
Magna facility, there is a total of 638,042 convertible notes which remain
outstanding from the 1,840,500 notes issued at the initial draw down of A$2.5m
by the Company in September 2018.

The Company continues to engage in dialogue with institutional parties and is
focused on engaging a strategic investor to alleviate, or minimise, the funds
the Company draws down under the Winance Finance Facility.

Any funds advanced under the Winance Finance Facility will be used to repay the
residual amount owing to Magna, to fast-track the completion of a DFS at the
Company's Wolfsberg Lithium Project in Austria and for general working capital
purposes.

The Finance Facility is by way of the issue of convertible securities in the
Company. An initial amount of A$2.0m is available for immediate drawdown, with
this to occur at the Company's election prior to 31 October 2019. Further
drawdowns of $1,000,000 each are available upon full conversion of the notes
from the previous drawdown, subject to a cooling off period.

Material terms and conditions are outlined in Annexure A.
Tony Sage, Chairman, commented "securing this additional funding provides the
Company flexibility and allows us to continue to negotiate with potential
strategic partners".

Cristina Nine, CEO of Winance, commented "this arrangement strengthens European
Lithium's long-term financial structure and secures their ongoing development
and expansion which will help both companies achieve its organizational goals.
This new investment round will enable European Lithium to further capitalize on
its position as a growing company in mining exploration and development across
Australia."

The initial $2.0 million tranche is made without shareholder approval, with the
conversion unconditional. EUR relies upon its existing capacity under Listing
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Diskussion: European Lithium - (Re)Start einer Resource/Mine im Herzen Europas
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