Ann: Appendix 4C - quarterly, page-26

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rdncoic

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06/07/18

04:01

Post #: 34176081
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Originally posted by rdncoic ↑

Remember when DLC (PNE) owned all of Paynes Find Gold? How come DLC didn't buy a bundle of CVS? EUR just bought another 10.5 million shares.

https://www.irw-press.com/en/news/e...-sale-completion_43908.html?isin=AU000000EUR7

News

05.07.2018

European Lithium: Paynes Find Gold Project Sale Completion
European Lithium: Paynes Find Gold Project Sale Completion

5 July 2018

As announced 21 December 2017, European Lithium Limited (ASX:EUR, FRA:PF8, VSE:ELI) (the Company) confirmed that the sale of its Paynes Find Gold Project to Cervantes Gold Pty Ltd (ASX:CVS) (CVS) (the Transaction) had settled.

The total consideration in relation to the Transaction comprises $500,000 cash (of which
$420,000 has been received to date) and $500,000 in share consideration (received).

The parties have agreed to settle the remaining cash consideration payable of $80,000 through the issue of 7,000,000 shares in CVS at a deemed issue price of 1.14c each. The Company will also be issued one free attaching unquoted option for every two shares issued which are exercisable at 1.5 cents each on or before 30 June 2020.

Non-Executive Chairman, Tony Sage, said “we are very pleased that this transaction has now completed and we wish CVS all the best in the development of the Paynes Find project and more recently the very high grade results from Albury Heath.” He added “to achieve further returns we decided to take more scrip instead of cash because of the potential upside in the latest results which in turn will further add value to European Lithium."

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DLC's Malcolm Day bought EUR on the open market but the t.sage's EUR bought more CVS to further add value to EUR. And DLC owns 11 million shares of EUR. I am really confused as to what is going on here. Could I get some Unlicensed Advice from some board experts here? Old rdncoic is overwhelmed here for sure!

And the average poster on hotcopper is so much smarter than I......

DLC Price at posting: 0.6¢ Sentiment: Buy Disclosure: Held
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Ann: Appendix 4C - quarterly, page-26

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