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European Lithium launches share buy-back

4th April 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed European Lithium will spend A$6.9-million on an on-market share buy-back.

The company on Tuesday announced plans to buy back up to 100-million ordinary shares, representing around 6.7% of the shares on issue.

“The board believes the company’s current share price doesn’t reflect the underlying value of the company’s assets. It’s a fantastic opportunity to buy back shares at a significant discount and add value to our remaining shares on issue,” said executive chairperson Tony Sage.

He added that the board believed the company’s shares were currently trading at a significant discount, given the robust definitive feasibility study recently released for the Wolfsberg lithium project, in Austria, the company having a mining permit in place, and the imminent completion of the business combination with Sizzle Acquisition Corp, with the intension to list on Nasdaq.

The share buy-back will not require shareholder approval.

Edited by Creamer Media Reporter

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