Moab Minerals (ASX:MOM) received a firm commitment from European Lithium (ASX:EUR) to raise AU$500,000 through the placing of 166.7 million shares at AU$0.003 apiece, according to a Monday filing with the Australian bourse.
European Lithium will also receive free attaching options, exercisable at AU$0.008 each and expiring Dec. 5, 2027, on the basis of one option for every two placement shares subscribed for, the filing said.
Proceeds will be used for exploration activities at the company's Manyoni project in Tanzania and general working capital, according to the filing.
European Lithium shares fell 7% in recent trade on Monday.
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