European Lithium Ltd - Conversion of Debt
RNS Number : 9754N
European Lithium Limited
27 May 2020

27 May 2020

European Lithium Ltd

("European Lithium", "EUR" or "the Company")


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): 



Services or Description

Debt to be Converted

Shares to be issued

Ritchie Campbell

Short Term Loan Holder



Okewood Pty Ltd

Director fees



Hollywood Marketing (WA) Pty Ltd

Director fees



Marnichar Nominees Pty Ltd ATF the Hallemar Trust trading as CRMS

Director fees



Alexander Guy

Funds advanced to the Company



Dietrich Wanke

CEO fees



EVP Investments Pty Ltd*

PR and IR services



GEO Unterweissacher GmbH*

Geological consulting services



Bellatrix Corporate Pty Ltd

Accounting and company secretarial services



WH Ireland Limited*

NEX adviser and broker retainer fees






* 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 ( 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


NEX Corporate Adviser

+44 207 220 1666

James Joyce

James Sinclair-Ford


This information is provided by RNS, the news service of the . 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 or visit