European Lithium

Update On Nasdaq Listing And Changes To Ukraine Transaction

European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to provide an update of progress on the proposed merger transaction, NASDAQ listing, and changes to the Ukraine projects acquisition.


HIGHLIGHTS

  • Merger transaction and NASDAQ listing expected to complete in 2nd quarter 2023;
  • EUR and Millstone and Company Global DWC-LLC (Millstone) agree to vary acquisition terms;
  • Dobra and Shevchenkivske Projects are positioned to secure lithium for Europe; and
  • End date to complete acquisition extended to 2 November 2025.
On the changes to the Ukraine projects acquisition, Tony Sage, Chairman, commented: “The burgeoning energy transition requires critical raw materials, the EU has identified lithium as one of these and securing local supply as essential to meeting green energy goals. EUR identified the huge potential in the Dobra and Shevchenkivske Projects before our plans were impacted by the current conflict. Once the conflict is over and Ukraine look to the reconstruction process, we believe the world will show its support with billions of dollars of investment and much needed economic activity. EUR is in a unique position to recommence the exploration and development plans for these important projects.”

On the update to the proposed merger transaction and NASDAQ listing, Tony Sage, Chairman, commented: “We anticipate the SEC review process will conclude in the first half of 2023. Once the F-4 is declared effective the board of Sizzle will convene a shareholder meeting to approve the transaction. We will work to finalise the NASDAQ listing process shortly thereafter.”

Merger and NASDAQ Listing Update

On 26 October 2022, European Lithium announced that it has entered into a business combination agreement with Sizzle Acquisition Corp., (NASDAQ: SZZL) (Sizzle), a publicly traded special purpose acquisition company, pursuant to which EUR will combine its wholly owned Wolfsberg Lithium Project (Wolfsberg Project) with Sizzle via a newly-formed, lithium exploration and development company named “Critical Metals Corp.” which is expected to be listed on NASDAQ under the symbol “ CRML” (Transaction).

On 23 December 2022, the Company advised that the Form F-4 Registration Statement of Critical Metals Corp. (F-4 Registration Statement) had been filed with the U.S. Securities and Exchange Commission (SEC) in connection with the Transaction.

On 1 February 2023, Sizzle received approval at a special meeting of stockholders to extend the date by which it must consummate the Transaction. Following this meeting, Sizzle filed the Form 8-K with the SEC confirming stockholders holding 11,076,703 shares had exercised their right to redeem their shares resulting in approximately US$114.3 million (approximately US $10.32 per public share) will be removed from the Sizzle trust account to pay such holders and approximately US$45.6 million will remain in the Sizzle trust account following the redemptions.

On 14 February 2023, Critical Metals Corp. lodged with the SEC Form F-4 Amendment No. 1 addressing the comments received from the SEC in respect to the F-4 Registration Statement.

The Transaction was approved by European Lithium shareholders on 20 January 2023. Closing of the Transaction is subject to a number of conditions precedents including approval of Sizzle shareholders, the declaration in the future of the F-4 as effective under the U.S. securities laws, and other customary requirements.

Upon the closing of the Transaction, EUR will be issued US$750 million worth of ordinary shares in Critical Metals Corp. Based on the current redemptions received by Sizzle on 1 February 2023, and assuming no further redemptions, this represents an approximately 87.3% ownership interest in the combined entity.

It is anticipated that the Transaction will complete in the second quarter of 2023, subject to the satisfaction or waiver of the conditions precedent to closing of the Transaction as outlined above.

Ukraine Projects Acquisition

European Lithium provides this update with reference to the proposed acquisition (refer EUR announcement on 4 November 2021) of European Lithium Ukraine LLC (formerly Petro Consulting LLC) (European Lithium Ukraine), a Ukraine incorporated company that is applying through either court proceedings, public auction, and/or production sharing agreements with the Ukraine Government for 20 years, special permits for extraction and production of lithium at the Dobra and Shevchenkivske Projects in Ukraine.

Under the terms of the acquisition announced on 4 November 2021, Millstone agreed to invest A$20m in EUR of which A$5m has completed (as ratified and approved by EUR shareholders on 21 January 2022) and A$15m being conditional upon completion of the acquisition of European Lithium Ukraine by the Company (Subscription Agreement). The Ukraine projects acquisition is being performed by European Lithium, and not by Critical Metals Corp.


This article includes content from European Lithium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

EUR:AU
European Lithium

European Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
European Lithium

European Lithium


Keep reading...Show less

Developing the Advanced Wolfsberg Lithium Deposit in Austria

Rusty metal gate secured with a chain and padlock.

Lithium Prices Surge After CATL Halts Major Mine in China

Lithium prices and mining stocks around the world soared this week after Chinese battery giant Contemporary Amperex Technology (CATL) (SZSE:300750,HKEX:3750) suspended operations at one of the world’s largest lithium mines.

The halt at the Jianxiawo lepidolite mine in Jiangxi province’s Yichun city, a hub for China’s lithium production, came after the mine’s permit expired on August 9.

Keep reading...Show less
Wooden blocks spell "lithium" with mini figures mining and scaling.

New Study Highlights Western Australia's Lithium Leadership and Future Potential

Western Australia has a strong lithium history, and a recent study could help inform future exploration.

Put together by researchers from the Geological Survey of Western Australia (GSWA), Curtin University and the University of Western Australia, the report focuses on the formation of high-grade lithium deposits.

It states that Western Australia supplies around 35 percent of the world's lithium, with much of that coming from pegmatite, a coarse-grained rock commonly found in the state's Archean terrains.

Keep reading...Show less
Assorted battery tops in various sizes and colors, arranged closely together.

AI Uncovers Five Potential Lithium Alternatives for Next-generation Batteries

Generative artificial intelligence (AI) has helped a group of scientists identify five new materials that could power the next wave of batteries without relying on lithium.

The study, published on June 26 in Cell Reports Physical Science, focuses on materials that could enable multivalent-ion batteries — a technology long touted for its potential, but hindered by practical challenges.

Keep reading...Show less
Text saying "lithium" overlaid on stock chart with a globe in the background.

Top 9 Global Lithium Stocks of 2025

Lithium prices continued their downward trajectory in 2025's second quarter, with battery-grade lithium carbonate hitting a four year low of US$8,329 per metric ton in late June.

Lithium hydroxide followed suit as oversupply and bearish sentiment weighed on the market.

Despite strong electric vehicle (EV) demand, mine supply — driven largely by China, Australia, Argentina and emerging African producers — has outpaced consumption, with Fastmarkets forecasting a 260,000 metric ton surplus for 2025.

Keep reading...Show less
Blue battery with Australian flag design on a wooden surface.

5 Best-performing ASX Lithium Stocks of 2025

Global demand for lithium presents a significant opportunity for Australia.

Australia remains the world’s largest lithium miner, supplying nearly 30 percent of global production in 2024, though its dominance is waning as other lithium-producing countries like Zimbabwe, Argentina and Brazil scale up output.

This influx of supply has pushed lithium prices to multiyear lows, with battery-grade spodumene trading under US$800/tonne — pressuring even efficient Australian producers to trim output or delay projects.

Keep reading...Show less
Hand stacking wooden blocks with red upward arrows, symbolizing growth.

Albemarle Swings to Profit, Lowers Spending Amid Prolonged Lithium Slump

Albemarle (NYSE:ALB) is cutting costs and investment plans as it adjusts to lithium price weakness, even as demand from the electric vehicle (EV) and energy storage sectors holds up better than expected.

The major lithium miner reported a Q2 profit of US$22.9 million, a significant turnaround from the US$188.2 million loss it posted a year ago. While total revenue fell 7 percent to US$1.33 billion, the figure still came in ahead of Wall Street’s US$1.22 billion estimate, buoyed by cost management and stronger-than-expected results in its specialties division.

“Our job is just to keep working on the things that are in our control, because we don’t really have a clear line of sight to where pricing is going,” CFO Neal Sheorey told investors on Thursday (July 31).

Keep reading...Show less
European Lithium

European Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×