“EUR Makes a Halt: European Lithium Limited Halts Trading on ASX

European Lithium Limited (ASX: EUR) has stopped trading on the stock exchange following an announcement that the company was voluntarily placing itself into a trading halt this morning. The decision was made after the company received release of a new deal with Neometals Ltd to acquire their Wodgina Lithium Project in Western Australia, one of the largest lithium deposits in the southern hemisphere. The Wodgina Lithium Project covers an area of approxiamtely 35,000 hectares and has an indicated resource of 3.84 million tonnes at an average grade of 1.18% lithium oxide and a total BP of 213 million tonnes. The transaction could see EUR make significant steps in the lithium space and expand their operations to Western Australia where they will focus on the development of the Wodgina Lithium Project. The halt is seeking to ensure that the market is aware of the material transaction before trading resumes on EUR’s securities. The trading halt will remain until the earlier of the commencement of normal trading on an ASX on an announcement being made to the market. After this, trading in EUR’s securities will resume. The halt will be beneficial to the company by allowing for any necessary information to be disseminated and giving investors more understanding before a decision is made; this will reduce any speculation and potential unnecessary risks that may arise. The announcement of the halt comes alongside a 9.3% rise in the price of EUR at the start of the day, with the company currently valued at AUD 0.095 per share at it’s close. All these factors, along with the pending acquisition, signals opportunity for the company and investors alike.