European Lithium Ltd (ASX:EUR) (FRA:PF8) (VIE:ELI) has entered a trading halt pending the release of an announcement around a proposed capital raising.
The company’s securities will remain halted until the earlier of the commencement of normal ASX trading on Wednesday, January 20, 2021, or when the announcement is released to the market.
EUR has a market cap of approximately $50.9 million and since closing at 4.5 cents on January 6, shares have been climbing and last traded at 7 cents.
Golden opportunity
While the company remains focused on taking its advanced flagship Wolfsberg Lithium Project in Austria to production in the near-term, it has plans to explore its new gold tenement in the Pilbara.
Last year EUR secured gold tenement E47/4144 in a ballot and is confident of the prospectivity of the tenement which is in the same region of the Pilbara in which De Grey Mining Limited (ASX:DEG) and Artemis Resources Ltd (ASX:ARV) have had considerable recent success.
Through initial desktop analysis of government data and previous open file statutory reports, the company has identified several areas of prospectivity that continue from known gold occurrences in the immediate area.
EUR aims to explore as soon as possible, with the required heritage compliance to allow Native Title Notification to commence to be completed shortly.