TIDMEUR
RNS Number : 7437U
European Lithium Limited
31 July 2020
31 July 2020
European Lithium Ltd
("European Lithium", "EUR" or "the Company")
QUARTERLY ACTIVITIES REPORT AND APPIX 5B
FOR THE QUARTERING 30 JUNE 2020
The Board of European Lithium Limited (ASX: EUR, FRA: PF8, VSE:
ELI, NEX: EUR ) (the Company) is pleased to present its activities
report and Appendix 5B for the three months ending 30 June
2020.
SUMMARY OF KEY UPDATES
-- COVID-19 pandemic and government enforced rules, related to
international travel in particular, continues to force EUR to
temporarily suspend operational activities.
-- Dorfner/Anzaplan lock cycle tests remain pending and delays
due to COVID-19 continue, the final report will be published when
results are completed.
-- Receipt of the decree for drill holes with more than 300m of
depth covering phase 2 of the drilling program in Zone 1 is still
pending.
CORPORATE MATTERS
Talaxis Engagement
On 27 May 2020, the Company announced that it had entered into a
strategic engagement agreement with Talaxis Limited ( Talaxis ).
Talaxis, a wholly-owned subsidiary of Noble Holdings, is a global
leader in EV technology metals project development. Talaxis invests
and develops projects that are related to nickel, cobalt, lithium,
rare earths and other metals and materials that are key to the
energy transition. Talaxis will assist the Company in managing and
establishing commercial relationships and contract
negotiations.
Winance Financing Facility
The Company previously announced that it had secured a A$10m
finance facility with Winance Investment LLC ( Winance ) (refer ASX
Announcement 31 July 2019).
On 5 March 2020, the Company announced that it had agreed to
draw down A$2.0m (2,000 convertible notes) under the Winance
facility ( Tranche 2 ). During the quarter, the Company received
Tranche 2 funding of A$1.0m (before expenses) and subsequently
1,000 convertible notes were released from escrow. Subsequent to
the quarter end, the Company has received the final Tranche 2
funding of A$1.0m and released the remaining 1,000 convertible
notes from escrow.
During the quarter, Winance converted 300 convertible notes from
Tranche 2. As at the date of this announcement, there were 1,700
convertible notes remaining from the Tranche 2 drawdown.
Short Term Loan Facility
On 20 January 2020, the Company entered into a short-term loan
agreement for $400k, secured by way of a fixed and floating charge
over the Company' assets ( Loan ). Under the terms of the Loan,
interest of $40k is payable at the repayment date of 20 February
2020 with penalty interest applying for the late repayment of
funds.
During the quarter, the Company agreed with the lender to
convert $370k of the Loan into equity ( Loan Conversion ). The Loan
Conversion was 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.
In addition to the Loan Conversion, the remaining Loan balance
was paid in cash on 4 June 2020. At 30 June 2020, the Loan had been
fully extinguished, and the associated security released.
Conversion of Debt
During the quarter, the Company announced that it had come to an
agreement with various creditors to convert approximately $360k of
debt into equity ( Creditor Conversion ).
Debts have been 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. The Creditor Conversion includes a
portion of amounts owing to Directors of the Company. The issue of
1,643,288 Shares and 1,643,288 unlisted options with an exercise
price of 5c expiring on 31 July 2022 to Directors will be subject
to shareholder approval at the Company's next general meeting.
Capital Movements
During the quarter, the Company issued the following
securities:
-- 22 May 2020 - Cancellation of 38,000,000 listed options
exercisable at $0.10 each on or before 30 June 2020 to Helvetican
(refer ASX announcement 22 May 2020)
-- 29 May 2020 - 10,609,401 shares and 10,609,401 unlisted
options with an exercise price of 5c expiring on 31 July 2022
issued upon the conversion of debt
-- 29 May 2020 - 2,000,000 shares and 2,000,000 unlisted options
with an exercise price of 5c expiring on 31 July 2022 issued to
Empire Capital pursuant to a corporate advisory mandate (refer ASX
announcement 25 May 2020)
-- 3 June 2020 - 5,626,183 shares and 5,626,183 unlisted options
with an exercise price of 5c expiring on 31 July 2022 issued upon
the conversion of debt
-- 5 June 2020 - 5,454,544 shares issued to Winance upon the
conversion of 300 convertible notes and 3,712,122 shares issued to
Winance for the conversion of debt in relation to the Winance
shortfall amount payable (refer to the 2019 AGM notice of meeting
for further details)
-- 30 June 2020 - Expiry of 225,440,000 listed options
exercisable at $0.10 each
Appendix 5B Quarterly Report and Statement of Cash Flows
The ASX Appendix 5B quarterly report is attached to and lodged
with this report. The Company's Appendix 5B Quarterly Report covers
the 3-month period from 1 April 2020 to 30 June 2020.
Payments to Related Parties and their Associates
In accordance with ASX Listing Rule 5.3.5, there were no
payments to related parties of the Company and their associates
during the quarter. As outlined in the Appendix 5B, Directors have
agreed to defer the payment of their Director fees until it
completes a capital raising.
EXPLORATION AND DEVELOPMENT ACTIVITIES
Wolfsberg Lithium Project
COVID-19
Q2/2020 has continued to see a high number of challenges for
commodity markets due to the impact of the coronavirus pandemic.
The situation is still highly uncertain with governments, companies
and individuals required to follow recommendations to help in
controlling the rate of infection at a global scale. Although
circumstances have changed during the quarter with some evidence of
easing restrictions, continued restriction on travel specifically
is impacting the Company directly. These challenges have forced the
Company's to temporarily suspend the Wolfsberg Lithium project
operational activities.
Drilling
The Company anticipated receipt of the decree for the deep holes
with more than 300m of depth covering phase 2 of the drilling
program in Zone 1 during Q2/2020. Due to the foreseeable reduction
of activities by the Austrian Government related to the COVID-19
pandemic, the timeline to issue the final decree by the mining
authority is uncertain and it remains pending. The Company is in
close contact with the mining authority to assist with a fast track
where applicable.
Definitive Feasibility Study (DFS)
The Company reported in Q4/2019 and Q1/2020 that
Dorfner/Anzaplan completed the metallurgical test work to assess
and optimize the process lines, flowsheets and layouts. The results
and scope of work have been reviewed and the remaining lock cycle
tests were pending during Q2/2020 to assess sufficiently the
process to produce reliable results for the Lithium Hydroxide
product. It is expected that the lock cycle tests will be conducted
in Q3/2020. This metallurgic test work will also take place at the
pilot plant for the Wolfsberg Lithium Project at Dorfner/Anzaplan's
testing facility in Hirschau, Germany. When this work is completed
and reviewed, and should the Company be able to return to full
operations once government restrictions are withdrawn, the detailed
technical report will be published.
DRA Global are committed and on standby to provide an
independent assessment of the metallurgical work at the
Dorfner/Anzaplan testing facility.
Hydrogeology
The Company continues at its best efforts the hydrogeology
monitoring program.
All hydrogeological data continues to be stored and secured into
the Company's database.
The preparation work by SRK, and the geological consultant, GEO
Unterweissacher, continues to ensure in-hole hydrogeological test
work has been completed appropriately and can continue in the
future.
Data from the above activities is fed into a water measuring
database from which an annual report is produced.
Environmental
No environmental work has been carried out in Q2/2020.
Monitoring of water flows and quality from the mine is
continuous.
Product Marketing
The strategy for the Company remains unchanged and focuses on
the supply of lithium hydroxide to the nascent lithium battery
plants of Europe. The Company is in discussion with a number of
industry players regarding future off-take contracts and good
progress has already been made in the advanced discussions with
potential off-take partners.
Horizon 2020
In Q2/2020, the Company's 100% owned subsidiary ECM Lithium AT
GmbH (ECM) commenced participation in the European Union funded
Horizon 2020 - GREENPEG programme.
The Company continued to work proactively in the already
approved and funded Horizon 2020 LithRef programme.
Continued participation shows the Company's abilities and
eligibility to contribute with EU-level support to the sustainable
supply of battery grade lithium, sourced and produced in
Europe.
Tony Sage
Non-Executive Chairman
Competent Person's Statement
The information in this announcement pertaining to the Wolfsberg
Lithium Project, and to which this statement is attached, relates
to Project Development and Metallurgical Studies and is based on
and fairly represents information and supporting documentation
provided by the Company and its Consultants and summarized by
Dietrich Wanke who is a Qualified Person and is a Member of the
Australian Institution of Mining and Metallurgy (AusIMM) since 2006
with about 30 years' experience in the mining and resource
development industry. Dietrich Wanke has sufficient experience, as
to qualify as a Competent Person as defined in the 2012 edition of
the "Australian Code for Reporting of Mineral Resources and Ore
reserves". Dietrich Wanke consents to the inclusion in the report
of the matters based on information in the form and context in
which it appears. The company is reporting progress on project
development and metallurgical results under the 2012 edition of the
Australasian Code for the Reporting of Results, Minerals Resources
and Ore reserves (JORC code 2012).
Tenement Status
The mining tenements held at the end of the quarter, acquired
and disposed of during the quarter and their location:
Acquired Disposed
interest interest Interest
during the during the at the end
Tenement reference Location quarter quarter of the quarter
104/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
105/96 Wolfsberg Project, Austria - - 100%
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106/96 Wolfsberg Project, Austria - - 100%
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107/96 Wolfsberg Project, Austria - - 100%
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108/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
109/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
110/96 Wolfsberg Project, Austria - - 100%
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111/96 Wolfsberg Project, Austria - - 100%
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112/96 Wolfsberg Project, Austria - - 100%
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113/96 Wolfsberg Project, Austria - - 100%
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114/96 Wolfsberg Project, Austria - - 100%
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115/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
116/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
117/96 Wolfsberg Project, Austria - - 100%
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118/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
119/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
120/96 Wolfsberg Project, Austria - - 100%
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121/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
122/96 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
123/96 Wolfsberg Project, Austria - - 100%
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124/96 Wolfsberg Project, Austria - - 100%
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125/96 Wolfsberg Project, Austria - - 100%
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370/11(611/11) Wolfsberg Project, Austria - - 100%
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371/11(612/11) Wolfsberg Project, Austria - - 100%
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372/11(613/11) Wolfsberg Project, Austria - - 100%
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373/11(614/11) Wolfsberg Project, Austria - - 100%
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374/11(615/11) Wolfsberg Project, Austria - - 100%
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375/11(616/11) Wolfsberg Project, Austria - - 100%
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378/11(619/11) Wolfsberg Project, Austria - - 100%
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379/11(620/11) Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
380/11(621/11) Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
381/11(622/11) Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
382/11(623/11) Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
383/11(624/11) Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
384/11(625/11) Wolfsberg Project, Austria - - 100%
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386/11(627/11) Wolfsberg Project, Austria - - 100%
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387/11(628/11) Wolfsberg Project, Austria - - 100%
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388/11(629/11) Wolfsberg Project, Austria - - 100%
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389/11(630/11) Wolfsberg Project, Austria - - 100%
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390/11(631/11) Wolfsberg Project, Austria - - 100%
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391/11(632/11) Wolfsberg Project, Austria - - 100%
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392/11(633/11) Wolfsberg Project, Austria - - 100%
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394/11(636/11) Wolfsberg Project, Austria - - 100%
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395/11(637/11) Wolfsberg Project, Austria - - 100%
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396/11(638/11) Wolfsberg Project, Austria - - 100%
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397/11(639/11) Wolfsberg Project, Austria - - 100%
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398/11(640/11) Wolfsberg Project, Austria - - 100%
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400/11(645/11) Wolfsberg Project, Austria - - 100%
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401/11(646/11) Wolfsberg Project, Austria - - 100%
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402/11(647/11) Wolfsberg Project, Austria - - 100%
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403/11(648/11) Wolfsberg Project, Austria - - 100%
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408/11(648/11) Wolfsberg Project, Austria - - 100%
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409/11(641/11) Wolfsberg Project, Austria - - 100%
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412/11(649/11) Wolfsberg Project, Austria - - 100%
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Andreas 1 Wolfsberg Project, Austria - - 100%
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Andreas 2 Wolfsberg Project, Austria - - 100%
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Andreas 3 Wolfsberg Project, Austria - - 100%
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Andreas 4 Wolfsberg Project, Austria - - 100%
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Andreas 5 Wolfsberg Project, Austria - - 100%
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Andreas 6 Wolfsberg Project, Austria - - 100%
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Andreas 7 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
Andreas 8 Wolfsberg Project, Austria - - 100%
--------------------------- ------------ ------------ ----------------
Andreas 9 Wolfsberg Project, Austria - - 100%
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1 Appendix 5B
1.1 Mining exploration entity or oil and gas exploration
entity
quarterly cash flow report
1.2 Name of entity
---------------------------------------------------
European Lithium Limited
1.3 ABN 1.4 1.5 Quarter ended ("current
quarter")
--------------- ----------------------------
45 141 450 624 30 June 2020
----------------------------
1.6 Consolidated statement of Current quarter Year to date
cash flows (12 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (277) (2,874)
(b) development - -
(c) production - -
(d) staff costs - -
(e) administration and corporate
costs (247) (992)
1.3 Dividends received (see note - -
3)
1.4 Interest received - 3
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
Government grants and tax
1.7 incentives 207 207
Other (promotion and marketing
1.8 expenses) (27) (179)
Other (overseas listing fees) (21) (51)
Other (overseas VAT refund) 26 271
Other (fines) (112) (112)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (451) (3,727)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
---------------- -------------
2.6 Net cash from / (used in) - -
investing activities
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - 902
Proceeds from issue of convertible
3.2 debt securities 1,000 3,000
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (90) (421)
3.5 Proceeds from borrowings - 400
3.6 Repayment of borrowings (200) (1,012)
Transaction costs related
3.7 to loans and borrowings - (22)
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 710 2,847
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 58 1,200
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (451) (3,727)
4.3 Net cash from / (used in) - -
investing activities (item
2.6 above)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 710 2,847
Effect of movement in exchange
4.5 rates on cash held (17) (20)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 300 300
----------------- ----------------------------------- ---------------- -------------
5. 1.7 Reconciliation of cash Current quarter Previous quarter
and cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 300 58
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 300 58
----------------- ----------------------------------- ---------------- -----------------
6. 1.8 Payments to related parties of the entity Current quarter
and their associates $A'000
6.1 Aggregate amount of payments to related -
parties and their associates included in
item 1
----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. 1.9 Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. 1.10 Add notes
as necessary for an understanding
of the sources of finance
available to the entity.
7.1 Loan facilities 10,000,000 4,000,000
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities 10,000,000 4,000,000
------------------- ----------------
Unused financing facilities available at
7.5 quarter end 6,000,000
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- --------------------------------------------------------------------------
Winance Facility
On 31 July 2019, the Company entered into a Convertible
Note Agreement with Winance Investment LLC (Winance) of
which A$2.0m (2,000 convertible notes) was drawn down
on 20 September 2019 (Tranche 1). As at 30 June 2020,
there were nil convertible notes remaining from the Tranche
1 drawdown.
The face value of each convertible note is AU$1,000 and
are non-interest bearing. The notes are convertible to
a variable number of ordinary shares at the option of
the holder of the notes any time after issue. If not converted
the notes mature and are repayable twenty-four (24) months
after the issue date. The conversion price for each convertible
note is the lower of an 8% discount from the lowest VWAP
over ten (10) days prior to the conversion date, provided
that the conversion price shall not in any case be lower
than $0.055 (floor price).
Refer to ASX announcement dated 31 July 2019 and notice
of meeting dated 28 October 2019 for material terms and
conditions.
On 5 March 2020, the Company announced that it had agreed
to draw down a further A$2.0m (2,000 convertible notes)
under the Winance facility (Tranche 2). During the quarter,
the Company received Tranche 2 funding of A$1.0m (before
expenses) and subsequently 1,000 convertible notes were
released from escrow. Subsequent to the quarter end, the
Company has received the final Tranche 2 funding of A$1.0m
and released the remaining 1,000 convertible notes from
escrow.
Further drawdowns of A$6m (in addition to the A$3m received
and $1m received by the Company subsequent to 30 June
2020) are at the Company's election available in tranches
of A$1m each upon full conversion of the notes from the
previous drawdown, subject to a cooling off period calculated
based on the value of the tranche and average trading
volumes during the preceding 60-day period and prior approval
by EUR's shareholders.
-----------------
8. 1.11 Estimated cash available for future $A'000
operating activities
8.1 Net cash from / (used in) operating activities (451)**
(item 1.9)
8.2 (Payments for exploration & evaluation classified -
as investing activities) (item 2.1(d))
Total relevant outgoings (item 8.1 + item
8.3 8.2) (451)
8.4 Cash and cash equivalents at quarter end 300
(item 4.6)
8.5 Unused finance facilities available at quarter 1,000
end (item 7.5)
---------
8.6 Total available funding (item 8.4 + item 1,300
8.5)
---------
8.7 Estimated quarters of funding available 2.88***
(item 8.6 divided by item 8.3)
---------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
* As outlined above in section 7, further drawdown on
the Winance facility is subject to full conversion of
the notes from the previous drawdown. Also as outlined
above in section 7, on 5 March 2020, the Company announced
that it had agreed to draw down a further A$2.0m (2,000
convertible notes) under the Winance facility (Tranche
2). During the quarter, the Company received Tranche 2
funding of A$1.0m (before expenses) and subsequently 1,000
convertible notes were released from escrow. Subsequent
to the quarter end, the Company has received the final
Tranche 2 funding of A$1.0m and released the remaining
1,000 convertible notes from escrow.
** As outlined, the Company was awaiting the remaining
funding under Tranche 2 of the Winance facility during
the June quarter. As such, net cash used in operating
activities of ($451k) in the June 2020 quarter is not
representative of the Company's current level of net operating
cash flows.
*** Taking the above into consideration, the Company's
Estimated quarters of funding available (Item 8.7) is
less than 2 quarters, which is more a representative estimate.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
----------------------------------------------------------------------------------------
No. Expenditure in the current quarter reported under
net cash used in operating activities is not representative
of the Company's current level of net operating cash flows.
This figure is expected to be higher in subsequent quarters
as a result of the payment to creditors for debts incurred.
----------------------------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
----------------------------------------------------------------------------------------
Yes. On 5 March 2020, the Company announced that it had
agreed to draw down a further A$2.0m (2,000 convertible
notes) under the Winance facility (Tranche 2). During
the quarter, the Company received Tranche 2 funding of
A$1.0m (before expenses) and subsequently 1,000 convertible
notes were released from escrow. Subsequent to the quarter
end, the Company has received the final Tranche 2 funding
of A$1.0m and released the remaining 1,000 convertible
notes from escrow. The Company also continues to seek
alternative funding options.
----------------------------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
----------------------------------------------------------------------------------------
Yes. The Directors believe that it is reasonably foreseeable
that the Company will continue as a going concern based
on the following factors:
* Raising additional funds (as outlined above)
* Directors have agreed to defer the payment of their
Director fees until it completes a capital raising
* Continued support from certain external creditors
allowing for the deferred payment of certain
liabilities
* Continued support from current debt holders of the
Company
----------------------------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------------------------------------------------------------------------------
1.12 Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 July 2020...................................................................................
Authorised by: Board of
Directors...........................................................................
(Name of body or officer authorising release - see note 4)
1.13 Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively
- END -
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 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 info@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
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END
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(END) Dow Jones Newswires
July 31, 2020 03:10 ET (07:10 GMT)
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