EUROPEAN LITHIUM CONSIDERS MOVING ITS PRIMARY LISTING TO THE VIENNA STOCK EXCHANGE
- European Lithium considers the spin off and main listing of its Austrian subsidiary in the PRIME MARKET on Vienna Stock Exchange
- European Lithium moves operational management to Wolfsberg
European Lithium Limited (ASX:EUR, FRA:PF8, VSE:ELI) (the Company) advises that its Board is investigating to spin off its Austrian subsidiary that holds the lithium assets and to list this entity at the prime market at the Vienna Stock Exchange (VSE). If successful, the Company will rank in the top 40 on the VSE with all the benefits that that entails including the participation in the ATX prime market index.
In October 2017 EUR was the first Australian company to be admitted to the VSE and the listing has substantially increased exposure of the Company and its Austrian located Wolfsberg Lithium project to European investors which has enabled Austrian institutions and private wealth clients to become shareholders. Since the listing on the VSE the % of European shareholders on the register increase substantially.
The Company has almost completed the initial steps to enable the Company to consider the transition of its main listing to the VSE by completing the transformation of the Company’s GmbH subsidiary to an AG (similar to the move from a PTY to an LTD company in Australia).
Recent key developments for the Company have focused on ways to fast-track the development of the Wolfsberg Lithium Project. In doing so, the company has developed a strong management team with the appointment of a new German CEO, Dietrich Wanke and the appointment of an experienced Austrian project director, Christian Heili. Together with the Company securing a A$10m convertible note facility to ensure the DFS process, (which is already underway), is now fully funded. This facility can be cancelled at any time especially if the Company is successful with any of the current and advanced discussions underway with several offtake and or strategic partners.
Tony Sage, Chairman, commented “shifting the Company’s main listing to the VSE is a logical next step which will provide greater access to the Company’s shares in these markets by Austrian institutions and private wealth clients, something that all our key stakeholders have asked for. There is substantial and growing local interest and support for the Wolfsberg Lithium Project from local State and Federal governments. This support is essential to enable us to achieve our goal to be the first lithium supplier into an integrated European battery supply chain.”
The Company will remain listed on the ASX for the foreseeable future. Any changes that the Board approves will be subject to all the required regulatory approvals in both countries, including shareholder approval.
European Lithium Limited
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Visit the Company’s website to find out more about the advanced Wolfsberg Lithium Project located in Austria.
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