European Lithium Sells Non-Core Australian Tenement to Moosh Moosh Limited
European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) is pleased to announce the sale of its 100% interest in tenement E47/4144 located in Northwest Western Australia. The divestment of this non-core asset is in line with the company's strategy to focus on investing in and developing European assets that support the green energy transition. Moosh Moosh Limited, a BVI registered company, has entered into a binding term sheet for the acquisition.
By selling the Australian tenement, European Lithium will receive $1 million in cash or the equivalent value in shares of an ASX-listed company. Furthermore, the company will retain a 1% net smelter royalty on minerals extracted from the tenement, ensuring continued potential for value creation.
Tony Sage, Chairman of European Lithium, expressed his satisfaction with the divestment, stating, "The sale of our non-core Australian tenement aligns with our strategy to focus our attention on securing battery commodities for Europe's green energy transition. "
The sale is consistent with European Lithium's plan to realize value from non-core assets and concentrate on projects and investments in the battery metals sector within Europe.
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The transaction is anticipated to be completed no later than 29 September 2023, subject to the satisfaction or waiver of the agreed-upon conditions.
Key terms of the sale include consideration of AU$1 million in cash or equivalent shares, along with the entitlement to a 1% net smelter royalty. These terms align with European Lithium's strategic objectives and position the company for further growth in the battery metals space.
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