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European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has raised A$2 million from an institutional and sophisticated investor to advance the company's recently acquired Leinster Lithium Project in Ireland, including sampling and drilling.

EUR chair Tony Sage said, "We are pleased to welcome European investors with a proven track record in battery-related investments to our share registry.

"We look forward to advancing our development milestones at Wolfsberg and our newly acquired Leinster Lithium Project.

"This progress is crucial for the European Union's efforts to establish sustainable supply chains for the critical minerals that are essential to its future."

The funds were raised via a placement at 4.25 cents per share -- a 17% discount to the 5-day VWAP of 5.12 cents per share. The placement's lead manager is Evolution Capital Pty Ltd.

Advancing Leinster Lithium Project

The acquisition of the Leinster Lithium Project, which was finalised two weeks ago, aligns with European Lithium's broader goal to establish a robust portfolio of critical minerals projects in Europe, supporting the European Union's ambitions for sustainable supply chains essential to a low-carbon economy.

READ: European Lithium finalises Irish project purchase with CRML shares; appoints exploration expert

The project spans two key zones south of Dublin: the North Leinster Block, covering 477 square kilometres across 15 prospecting licences, and the South Leinster Block, consisting of eight licences over 284 square kilometres.

It is strategically situated in the Leinster Granite Massif, a region associated with lithium-bearing spodumene pegmatites and shares a tectonic zone with the Blackstairs Lithium Project -- a Ganfeng and International Lithium Corp joint venture.