European Lithium (ASX:EUR) and Critical Metals entered into a second deed to amend the scheme implementation deed for the proposed acquisition by Critical Metals of European Lithium, according to a Wednesday Australian bourse filing.

The second deed introduces a floating share scheme transaction ratio, subject to a cap and collar, replacing the previous fixed consideration ratio of 0.035 Critical Metals shares for each European Lithium share, per the filing.

The ratio will be determined by reference to the the average daily volume-weighted average price of the shares on Nasdaq over the 20 consecutive trading days ending on the second trading day before the share scheme meeting.

Where the volume-weighted average price is at or below the floor price of $8, the maximum share scheme transaction ratio of 0.045 will apply, and where it is at or above the ceiling price of $16, the minimum share scheme transaction ratio of 0.025 will apply, the filing said.

European Lithium confirmed that the implementation of the schemes is progressing and expects to dispatch a scheme booklet in early September.