India, April 27 -- Critical Metals Corp. (CRML), a mineral mining company, Monday announced that it has proposed to acquire European Lithium Ltd. for around $835 mln.
Under the Proposed Transaction, European Lithium shareholders will receive 0.035 shares of Critical Metals for each European Lithium share held.
European Lithium owns 45,536,338 shares of Critical Metals representing approximately 34 percent of Critical Metals shares or cross-holding shares having a market value of $540 million as of the measurement date i.e. April 22.
Upon completion of the proposed transaction, Critical Metals intends to cancel those cross-holding shares, substantially reducing critical metals shareholder dilution yet materially increasing its public floa...