SPAC Merger Targets Nasdaq Listing, $20–$30M Raise for Lithium Project
CSTAF has more than doubled off its 52-week low of $2.
Summary
Constellation Acquisition Corp I disclosed plans to list US Elemental on Nasdaq via its SPAC merger and raise $20–$30 million to advance the McDermitt lithium project. The details emerged from a July 16 fireside chat with HiTech CEO Ian Rodger, filed as an 8-K exhibit. The McDermitt project's 2024 pre-feasibility study shows a 63-year mine life, 40k–50k tonnes per year of lithium carbonate, a ~$3 billion NPV, and an ~18% IRR, with a feasibility study starting in 2027. The project also benefits from FAST-41 federal status and a DOE partnership. This follows the July 10 news of the $500 million SPAC merger advancing, adding concrete funding and listing milestones.
At the time of this announcement, CSTAF was trading at $13.05 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $102M. The 52-week trading range was $2.00 to $19.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.