Why the European Lithium (ASX:EUR) share price is rocketing 50% today

The European Lithium Ltd (ASX: EUR) share price is rocketing higher today. This comes after the company announced it has received commitments to fund its lithium exploration activities.

At the time of writing, the lithium miner’s shares are up an astonishing 50% to 10 cents. It’s worth noting that during midday trade, the European Lithium share price reached an intraday high of 13 cents.

What’s shooting the European Lithium share price?

According to its release, European Lithium has welcomed the positive placement to raise $7 million through sophisticated investors. The offer price of 5 cents per share represents a steep discount on the current European Lithium share price. In addition to the take up offer, investors will…