European Lithium (ASX:EUR) and Critical Metals (CRML) revised the terms of their proposed merger, with both companies confirming they remain on schedule to complete the court-approved schemes of arrangement, according to an Australian bourse filing on July 3 after market hours.

Under the revised agreement, shareholders and option holders holding 50,000 or fewer company securities may elect to have their CRML shares sold on-market and receive the cash proceeds, with the scheme consideration now to be issued directly as CRML shares rather than through a Chess depositary interest structure, per the filing.

The scheme booklet, which will include an independent expert's report, is expected to be distributed in late July or early August, with the scheme anticipated to be implemented in October, subject to shareholder, option holder, and court approvals, the filing said.

The company's independent board committee continues to recommend the deal, the filing added.