European Lithium Secures AU$124 Million From Sale of Critical Metals Shares

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European Lithium (ASX:EUR) has raised AU$124 million through the sale of 5 million shares in Critical Metals, increasing its cash reserves to AU$322 million, according to a Wednesday Australian bourse filing.

The proceeds will be used to strengthen the company's balance sheet, support the advancement of its core projects, explore new opportunities, or potentially return capital to shareholders, per the filing.

The company still holds 48 million ordinary shares in Critical Metals following the transaction, the filing added.

The company's shares fell 2% in recent Wednesday trade.

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