“European Lithium Ltd On Hiatus – ASX: EUR Trading on Pause

European Lithium Limited (ASX:EUR) announced on its official website that trading of its shares will be halted for an unknown amount of time. The company said that it needed to obtain a number of approvals from the ASX before it can start a capital raising program. It is currently in the process of doing so and it needs the trading halt to ensure that its shareholders and the public can understand the details of the capital raising proposal before any trading activity happens. Despite the halt in trading, the company still intends to pursue its current projects, such as the Wolfsberg Lithium Project. As the Wolfsberg Lithium Project is in its early stages, the company is planning to release a resource upgrade statement shortly. In addition to the Wolfsberg Lithium Project, the company also announced that it has signed an offtake agreement with a Chinese company. This agreement would allow European Lithium to sell its spodumene concentrate to the Chinese company at market prices. The trading halt on European Lithium’s shares also comes as the company is in the process of seeking to list on the Frankfurt Stock Exchange. As part of this listing, the company needs to gain admission to the official list of the Frankfurt Stock Exchange, as well as gain certain other approvals. The halt in trading for European Lithium’s shares is currently expected to last until September 7th, 2020, at which time the company expects to announce a capital raising proposal and further updates. Thecompany also noted that it is actively seeking to obtain all necessary approvals prior to this date. For investors, it is important to keep in mind that the halt in trading of European Lithium’s shares is not related to any specific event or issue with the company. Rather, it is to ensure that the public and shareholders have the time needed to understand and evaluate the company’s upcoming proposals. In summary, European Lithium Limited announced that trading of its shares will be halted until September 7th, 2020, as the company needs to obtain a number of approvals from the ASX before it can start a capital raising program. In addition, the company is also in the process of seeking to list on the Frankfurt Stock Exchange and is working to obtain the necessary approvals prior to the date specified.