European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has advised that Sizzle Acquisition Corp, a special purpose acquisition company (SPAC), has extended the deadline to complete an initial business combination by August 8, 2023.
EUR entered into a business combination agreement with Sizzle to merge the company’s subsidiary, European Lithium AT (Investments) Ltd and its subsidiaries, ECM Lithium AT GmbH and ECM Lithium AT Operating GmbH, to form Critical Metals Corp.
Upon completion of the transaction European Lithium expects the Critical Metals Corp will be one of the leading lithium mining companies on the Nasdaq under the symbol ‘CRML’, with EUR remaining the largest shareholder in Critical Metals Corp as it continues its listing on the ASX.
Critical Metal Corp asset
Critical Metals Corp will hold both a 20% interest in the Weinebene and Eastern Alps Project and the flagship Wolfsberg Lithium Project, which holds a mineral resource estimate of 9.74 million tonnes measured and indicated (M+I) at an average grade of 1.03% Li2O with additional tonnage in the inferred category.
Following the transaction, EUR is expected to be the largest shareholder in Critical Metals Corp with ownership of about 80%.