European Lithium set for US Nasdaq listing via merger with Sizzle

Photo: European Lithium

Austrian European Lithium Limited has entered into a business combination agreement with Sizzle Acquisition Corp., a US special purpose acquisition company listed on Nasdaq, pursuant to which EUR will sell-down its interest in its wholly owned Wolfsberg Lithium Project (Wolfsberg and Wolfsberg Lithium Project) and merge with Sizzle via a newly formed, lithium exploration and development company named “Critical Metals Corp.” which is expected to be listed on Nasdaq.

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

Commenting on the Transaction, EUR Executive Chairman, Tony Sage said: “We are enthusiastic to partner with the Sizzle team to form a publicly traded company on NASDAQ and are thrilled to have Carolyn Trabuco, Sizzle’s lead independent director, join the Critical Metals board”. Mr Sage continued: “The need for additional battery-grade lithium in Europe will only continue to accelerate as demand for EVs continues to outstrip supply. Wolfsberg is poised to become the first major source of battery-grade lithium concentrate in Europe, the world’s leading EV market, capable of supporting the production of approximately 200,000 EVs per year. The funds raised though this transaction will provide us with the resources anticipated to be required to advance construction and commissioning of Wolfsberg. With the capital raised, in addition to the increased access to the public capital markets by listing on NASDAQ by means of the business combination, we believe we will be able to achieve our commercial goals at Wolfsberg by 2025.”

The Wolfsberg Lithium Project is the Company’s flagship, 100% owned advanced hard rock lithium project, strategically located 270km south-west of Vienna, Austria. Wolfsberg is located in the heart of Europe, a central hub during this transitional period toward clean energy solutions. EUR is aiming to be the first and largest local supplier of critical lithium hydroxide in the region. Located nearby to Wolfsberg are several planned giga factories which are planned to be built by battery suppliers and some of the Europe’s leading auto makers, seeking to satisfy the growing demand for lithium-ion batteries in the electric vehicle market.

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.