European Lithium raises A$124m from further CRML share sale
ASX-listed European Lithium has further strengthened its balance sheet after selling an additional five-million shares in US-listed Critical Metals (CRML), generating net proceeds of about A$124-million.
The sale bolstered European Lithium’s cash reserves to about A$322-million.
Despite the disposal, European Lithium remains a significant shareholder in CRML, retaining 48 036 338 ordinary shares. Based on CRML’s closing share price of $17.17 a share on January 20, the remaining holding is valued at about $824.8-million, or about A$1.23-billion, subject to daily share price movements.
European Lithium executive chairperson Tony Sage said the transaction underscored the value created through the company’s exposure to the Tanbreez rare earths project in Greenland.
“This transaction again proves our investment in the Tanbreez project has been a huge success and hopefully the EUR share price should finally reflect its true asset value,” Sage said.
“The sale will also provide EUR with additional financial flexibility while maintaining a significant exposure to CRML. The proceeds will further strengthen our balance sheet and positions the company to continue advancing its core projects, look for new opportunities or return capital to shareholders.”
European Lithium is an exploration and development-stage mining company focused primarily on lithium assets in Austria, Ukraine and Ireland. In addition to its interest in Tanbreez, the company holds stakes across a diversified portfolio including copper, gold and bismuth exposure through CUFE in the Northern Territory, uranium exposure in Tanzania through MOAB, and an interest in Cyclone Metals’ Iron Bear project in Canada.
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