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European Lithium Limited / NOTICE UNDER SECTION 708A(12C)(E)(AS NOTIONALLY INSERTED BY ASIC CORPORATIONS (SALE OFFERS: SECURITIES ISSUED ON CONVERSION OF CONVERTIBLE NOTES) - ATTACHMENT

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INSTRUMENT 2016/82) OF THE CORPORATIONS ACT 2001(CTH)

Capital Measures

West Leederville - 1 Background
On 5 March 2020 European Lithium Limited (Company) announced a $2 million draw
down under a $10 million funding facility with Winance Investment LLC (first
announced on 31 July 2019).
Following this notice the Company will issue 2,000 convertible notes (each with
a face value of $1,000) (Convertible Notes) to Winance Investment LLC. The
Convertible Notes are issued without disclosure.
This notice is given under 708A(12C)(e) of the Act (as notionally inserted by
ASIC Corporations (Sale Offers: Securities Issued on Conversion of Convertible
Notes) Instrument 2016/82) (ASIC Instrument) and will allow Shares issued by the
Company upon conversion of the Convertible Notes to be quoted on ASX and offered
for sale without disclosure.
This notice sets out the following:
(a) In relation to the issue of the Convertible Notes:
(i) the effect of the issue on the Company;
(ii) a summary of the rights and liabilities attaching to the Convertible Notes;
(iii) a summary of the rights and liabilities attaching to the shares to be
issued on conversion of the Convertible Notes.
(b) Any information that:
(i) has been excluded from a continuous disclosure notice given in accordance
with the ASX Listing Rules;
(ii) is information that investors and their professional advisors would
reasonably require to make an informed assessment of:
(A) the assets, liabilities, financial position and performance, profits and
losses and prospects of the Company; and
(B) the rights and liabilities attaching to the Shares; and
(c) Any other information relating to the Company's status as a disclosing
entity and which certain documents may be obtained.
2 Effect of the issue of the Convertible Note on the Company
The Convertible Notes were issued under a convertible security agreement
(Agreement) with Winance Investment LLC (Winance) announced to ASX on 31 July
2019 under which Winance will subscribe for convertible securities issued by the
Company with a total face value of up to A$10 million (Convertible Notes) over
the term of the facility.
Under the draw down the Company will issue 2,000 Convertible Notes (each with a
face value of $1,000). The draw down is the second under the Agreement; with the
first also being $2,000,000.