Critical Metals Corp (CRML), the entity to be formed through European Lithium’s business combination with Sizzle Acquisition, has secured an additional $10-million equity investment for the Wolfsberg lithium project, in Austria.
The investment facility is from an investment vehicle managed by a New York-based financial group, ASX-listed European Lithium reported on Thursday.
The company said that it expected CRML to secure more capital in the following weeks and leading up to shareholder approval for its transaction with Sizzle.
European Lithium in October last year entered into a business combination agreement with Sizzle, a publicly traded special purpose acquisition company, to combine its Wolfsberg project with Sizzle through CRML.
European Lithium shareholders approved the transaction in January this year. Once the SEC declares the F-4 registration effective, the Sizzle board will convene a shareholder meeting to approve the transaction. Upon closing of the transaction, European Lithium will be issued $750-million worth of ordinary shares in CRML.
CRML has entered into a share subscription facility for up to $125-million with GEM Global Yield, a Luxembourg-based private alternative investment group.