European Lithium (ASX:EUR)
is undertaking a $2 million capital raising, mainly with European sophisticated investors at a price of 5 cents per share.
The lithium company plans to use the funds to finalise its Austrian Wolfsberg Lithium Project.
The placement is not underwritten but Sommers and Partners and Wimmer Financial are acting as the corporate financial advisers on the placement.
The company chose to offer the placement to professional and sophisticated so the funds were received in a timely manner.
Shares in European Lithium (ASX:EUR)
are trading 3.45 per cent lower to 5.6 cents.