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European Lithium Signs Agreement to Combine With Nasdaq-Listed Critical Metals; Shares Up 57%

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-- European Lithium (ASX:EUR) signed an agreement to combine with Nasdaq-listed Critical Metals through the acquisition of all of the company's issued securities via a scheme of arrangement for scrip consideration, according to a Tuesday filing with the Australian bourse.

The company's shares will be acquired through a scheme of arrangement at an exchange ratio of 0.035 Critical Metals shares for each European Lithium share, with each shareholder receiving Critical Metals scrip at an implied value of AU$0.58 per European Lithium share held, if the proposal is implemented, the filing said.

The proposal also outlines that all listed European Lithium options will be acquired through an option scheme of arrangement, per the filing.

European Lithium shares rose 57% in morning trade on Tuesday.

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