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European Lithium merges with SPAC in $750 million deal

Kitco Media
By Michael McCrae
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European Lithium announced today a merger with NASDAQ-listed Sizzle Acquisition Corp., a US special purpose acquisition company.

European Lithium will sell-down its interest in its wholly-owned Wolfsberg Lithium Project and merge with Sizzle via a newly-formed, lithium exploration and development company named Critical Metals Corp.

European Lithium will be issued US$750 million worth of ordinary shares in Critical Metals, which represents an approximate 80% ownership interest in the combined entity.

The Wolfsberg Lithium project is 100%-owned. It is an advanced hard rock lithium project, located 270km south-west of Vienna, Austria. The Wolfsberg lithium project comprises 54 exploration licences and 11 mining licences covering a total area of 11.33km. The region boasts exceptional local infrastructure, located close to Graz and Klagenfurt airport, and is serviced by nearby railways and highways. The project has total measured, indicated and inferred mineral resources at Wolfsberg at 12.88 Mt @ 1.00% Li2O.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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