Critical Metals clears shareholder hurdle for European Lithium acquisition

Critical Metals ($CRML) moved closer to acquiring European Lithium after the target's shareholders and listed-option holders approved the proposed transaction. The share scheme received support from 99.96% of votes cast and 97.22% of shareholders present and voting, while the option scheme secured unanimous support. Consideration for both schemes would take the form of newly issued Critical Metals shares.

The votes satisfy the securityholder-approval conditions but do not complete the acquisition. A second hearing before the Supreme Court of Western Australia is scheduled for October 26, and other conditions still apply. If approved, the schemes are expected to become effective on October 27, with implementation on November 5. The transaction would consolidate ownership through an equity-funded structure, making completion and the issuance of consideration shares the next material steps.

Sources:

• GlobeNewswire