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27.05.2020 – 03:13

European Lithium Limited

EANS-News: European Lithium Limited
Conversion of Debt - ATTACHMENT

  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is responsible for the content of this announcement.

Company Information

West Leederville - European Lithium Limited (ASX: EUR, FRA: PF8, NEX: EUR, VSE:
ELI) ("EUR" or the "Company") is pleased to announce that it has come to an
agreement with the following creditors and short term loan holder to convert up
to $ 742,918 of current debt into equity (subject to regulatory approval) (Debt

Creditor            Services or         Debt to be converted Shares to be issued
Ritchie Campbell    Short Term Loan     $ 370,323            8,229,391
Okewood Pty Ltd     Director fees       $ 44,000             977.776
Hollywood Marketing Director fees       $ 22,000             488.890
(WA) Pty Ltd
Marnichar Nominees
Pty Ltd ATF the     Director fees       $ 7,948              176.622
Hallemar Trust
trading as CRMS
Alexander Guy       Funds advanced to   $ 2,000              44,444
                    the company
Dietrich Wanke      CEO fees            $ 52,500             1,166,675
EVP Investments Pty PR and IR services  $ 12,100             268.890
Ltd *
GEO Unterweissacher Geological          $ 75,764             1,683,653
GmbH *              consulting services
Bellatrix Corporate Accounting and
Pty Ltd             company secretarial $ 40,500             900.001
WH Ireland Limited  NEX adviser and
*                   broker retainer     $ 115,783            2,572,966
Total               $ 742,918           16,509,308

Debts will be converted based on a share price of 4.5c with a free attaching 1
for 1 unlisted option with an exercise price of 5c expiring on July 31, 2022
(option). The share price of 4.5c has been determined based on the 20 day VWAP
prior to 22 May 2020. The maximum number of securities to be issued pursuant to
the Debt Conversion is 16,509,308 fully paid ordinary shares (Shares) and
16,509,308 Options.

The Debt Conversion includes a portion of amounts owing to Directors of the
Company. The issue of 1,643,288 Shares (Director Shares) and 1,643,288 Options
(Director Options) to Directors will be subject to shareholder approval at the
Company's next general meeting.

Excluding Director Shares and Director Options, the remaining 14,866,020 Shares
and 14,866,020 Options are proposed to be issued under the Company's LR 7.1

This announcement has been authorized for release to the ASX by the Board of the

Tony Sage
Non-Executive Chairman
European Lithium Limited
- END -

Further inquiry note:

end of announcement                         euro adhoc

Attachments with Announcement:
issuer:       European Lithium Limited
              Harrogate Street 32
              AU-WA6007 West Leederville
phone:        +61 8 6181 9792
ISIN:         AU000000EUR7
stockmarkets: Frankfurt, Wien
language:     English