Critical Metals' Merger Gets Strong Backing From European Lithium Shareholders Here's What Comes Next

(MENAFN- AsiaNet News)

• Critical Metals will add European Lithium's remaining 7.5% stake in the Tanbreez project to its existing holding.
• The deal now requires approval from the Supreme Court of Western Australia.
• The merger is expected to become effective on October 27, with completion scheduled for November 5.

Critical Metals (CRML) was in the spotlight on Thursday after the Greenland-based rare-earth miner moved a step closer to acquiring European Lithium and consolidating its critical minerals assets.

The proposed merger received overwhelming support from European Lithium's shareholders and optionholders. About 99.96% of shareholder votes cast were in favour, while all participating optionholders also voted in favour of the merger.

Despite the update, CRML shares were down 6% at the time of writing, tracking weakness in the broader metals and mining market. The VanEck Rare Earth and Strategic Metals ETF (REMX) was down 3.7%.

Why CRML Is Acquiring European Lithium

Under the proposed all-stock transaction, Critical Metals will acquire 100% of European Lithium's issued shares and listed options. European Lithium shareholders will receive 0.045 CRML shares for every share held.

If the acquisition goes through, Critical Metals will gain full ownership of the Tanbreez rare earth project, adding European Lithium's remaining 7.5% stake to its existing holding.

In a post on X, CEO Tony Sage said CRML will not require any new equity for a“long period of time.”“We will concentrate our focus solely on Tanbreez,” he added.

What's Next?

The deal now requires approval from the Supreme Court of Western Australia, with a final hearing scheduled for October 26. If approved, the merger is expected to become effective on October 27, with completion scheduled for November 5.

Post the merger, newly issued Critical Metals shares will begin trading on Nasdaq on November 6, with European Lithium expected to be delisted from the Australian Securities Exchange.

Retail Remains Bearish On CRML

Retail sentiment surrounding CRML on Stocktwits remained 'bearish' over the past 24 hours.

The stock has shed more than 23% so far this year. In comparison, REMX is down 33%.

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