Nasdaq-listed Critical Metals Corporation has confirmed its acquisition of ASX-listed European Lithium is nearing the final stages following the required court approvals, saying the deal will likely close in November.
The Supreme Court of Western Australia on September 15 confirmed that European Lithium can proceed with convening meetings with its shareholders to consider and vote on the scheme proposed by the two companies.
The all-share acquisition of European Lithium by Critical Metals is valued at $835-million, with European Lithium shareholders due to own 41% of the combined company post-merger.
The combined group’s key assets will include the Tanbreez rare earths project, in Greenland, and the Wolfsberg lithium project, in Austria.
