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Lithium developer European Lithium has inked a binding heads of agreement with a subsidiary of TSX-V-listed Richmond Minerals Inc to acquire the Bretstein-Lachtal, Klementkogel and the Wildbachgraben projects, in Austria.

The Austrian lithium projects consist of 245 exploration licences covering a total area of 114.6 km². The licences cover ground that is considered prospective for lithium occurrences in the Styria mining district of Austria.

Under the terms of the agreement, European Lithium will pay A$250 000 in cash and two-million fully paid ordinary shares in the company, at a deemed price of 7c a share which will be issued under the company’s existing placement capacity. A further two-million unlisted options will also be issued, exercisable at 12c each and with a three-year expiry.

“The acquisition is an excellent opportunity to secure ground in a largely unexplored area highly prospective for lithium and builds on our portfolio of European projects in a known jurisdiction where we have exploration and development experience,” said European Lithium chairperson Tony Sage.

“The company is in the final stages of completing a proposed merger transaction that will see the advanced Wolfsberg lithium project develop under the control of Critical Metals Corp that intends to list on NASDAQ. Once complete, together with our Ukrainian assets, the company will refocus on building and developing critical metal projects in Europe.”

The transaction is subject to a positive due diligence process, all the necessary regulatory and shareholder approval, and European Lithium incorporating a new Austrian entity.