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European Lithium's SPAC Deal with Sizzle Aims for NASDAQ Debut

Published Nov 26, 2023 10:33PM ET
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European Lithium's Chairman, Tony Sage, is in the final stages of securing a SPAC (Special Purpose Acquisition Company) deal with Sizzle to introduce Critical Minerals Corp (CMC) to the NASDAQ stock exchange. This move comes as part of a broader strategy to maintain additional mining assets listed on the Australian Securities Exchange (ASX).

Despite some investors withdrawing from Sizzle’s trust fund following the merger announcement—a situation that has led to reduced expected proceeds—Sage is undeterred. He is actively seeking to raise an additional $60-70 million, pending approval from the U.S. Securities and Exchange Commission (SEC). The funds are earmarked to support CMC's growth initiatives.

DRA Projects, a consultancy firm, has conducted a feasibility study on the Wolfsberg lithium project in Austria. The report suggests that the site could potentially produce 8,800 tonnes of lithium hydroxide annually over a span of 14 years. While the capital expenditure (capex) required is significant, the projected net value of the operation is substantial, indicating a promising outlook for the venture.

The company's strategy includes a joint venture with Obeikan in Saudi Arabia, where lithium spodumene concentrate from Austria will be shipped for processing. This approach is not only expected to leverage efficiencies but also aligns with BMW’s environmental, social, and governance (ESG) commitments. However, it may lead to potential re-ratings of the supply chain.

In the backdrop of these corporate developments, Sage has experienced personal financial setbacks, including losing ownership of Perth Glory. Despite these challenges, he remains optimistic about the prospects of CMC's NASDAQ listing and its potential to enhance shareholder value.

The deal unfolds amid other industry movements such as Vulcan Energy's operational progress and Infinity Lithium's grant acquisition in Spain, which underscores the dynamic nature of the lithium market and its importance in the global push towards renewable energy and electric vehicles.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

European Lithium's SPAC Deal with Sizzle Aims for NASDAQ Debut
 

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