Consideration remains unchanged and comprises $500,000 cash and $500,000 in shares, priced at $0.02.
Tony Sage, non-executive chairman for European Lithium, commented: "We are in regular communication with CVS to complete the transaction next month.
"The remaining cash proceeds received from the transaction will be used towards progressing the company’s flagship Wolfsberg Lithium project."
European Lithium is fast-tracking the development of Wolfsberg, located in Austria.
The company recently produced battery-grade lithium carbonate from its hydrometallurgical testwork program.