Constellation Acquisition Corp. to merge with US Elemental, list McDermitt Lithium Project on Nasdaq as ULIT
Ownership and financing details
McDermitt is currently owned by Jindalee Lithium via HiTech Minerals; Jindalee is expected to retain a significant stake post-transaction.
The deal contemplates raising USD 20 million to USD 30 million to fund the next phase of project work.
Project location and resource estimate
McDermitt sits on the Oregon-Nevada border near Lithium Americas’ Thacker Pass; the resource is cited at 21.5 million tonnes of lithium carbonate equivalent.
Merger to create Nasdaq vehicle for McDermitt Lithium Project
Constellation Acquisition Corp. I agreed to combine with US Elemental, a new Nasdaq vehicle to bring the McDermitt Lithium Project to U.S. public markets.
