Sage's EUR completes further raising

WITH the resurgence of interest in lithium stocks, the Tony Sage-run European Lithium has seized the day to complete a placement to fund work on its Wolfsberg project in Austria.
Sage's EUR completes further raising Sage's EUR completes further raising Sage's EUR completes further raising Sage's EUR completes further raising Sage's EUR completes further raising

Wolfsberg in Austria has an established mining history

Haydn Black

Reporter

The placement was priced at A5c and raised $7 million.
 
"After a very challenging year we now see demand for lithium chemicals to support a very strong EV market, which led to the recent lithium price rally," Sage said.
 
He said institutional and sophisticated investors across Australia, Asia and Europe shared a positive market sentiment for battery metals.
 
The placement, managed by Evolution Capital Advisors and Empire Capital Partners, comes as the company expects to close a much-delayed share placement plan this week to raise up to $2 million at 4.75c.
 
Originally announced last September, the SPP was opened at the same time as EUR concluded a $2 million placement at 4.5c.
 
The SPP and placement were announced alongside the junior's winning of a new gold project in Western Australia's Pilbara region. 
 
The permit has the potential for several styles of gold mineralisation, including conglomerate-hosted gold, and contains a potential extension to the Mt Anketell magnetite deposit.
 
The junior secured the 130-sq.km tenement in a ballot contested by 13 other applicants after China's MCC did not renew it in time.
 
Sage's Cape Lambert Resources had previously owned the area. 
 
In Europe, the company is progressing a definitive feasibility study for Wolfsberg, with the immediate focus on permitting and metallurgical tests to support offtake agreements and financing. 
 
EUR's shares hit a two year peak in early trade, rising 50% to hit 11c, valuing the explorer at almost $77 million.