The placement, priced at 13c per share, with one 18c option per two shares expiring in 2025 also offered, comes just two months after the company raised $7 million at 5c in another placement.

 

EUR said the cash would be used for "strategic land acquisition", extensional drilling and metallurgical test work at Wolfsberg, and resource studies at could add to the existing 12.8 million tonne at 1% lithium resource.

 

The company said Wolfsberg, which sits in the heart of Europe, could provide significant supply of lithium as the EV revolution sweeps through European automakers, as results from process testing demonstrate battery grade lithium carbonate and lithium hydroxide can be produced from the mine's ore.

 

EUR also has joint ventures in Austria with EV Resources, with diamond drilling expected to commence at the Weinebene project soon.  

 

EV owns 80% of the Eastern Alps project, both of which are adjacent to Wolfsberg.

 

EUR owns 20% of Weinebene and the Eastern Alps, which are expected to host extensions of the Wolfsberg hard rock resource.

 

Last November the company positioned itself with interests in Ukraine, but that work has been suspended due to the Russian invasion. 

 

Both of EUR placements were managed by Evolution Capital Advisors.

 

Its shares hit a two-year peak this year at 19c, and were off 6% today at 15c, valuing the explorer at almost $184 million.  

 

The stock has traded as low as 5.1c over the past year.