Bid for NAL to be Submitted for Court Approval
Brisbane, May 27, 2021 AEST (ABN Newswire) - Emerging lithium producer Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) is advancing its Quebec expansion strategy after the monitor (administrator) appointed by the Court overseeing the Companies' Creditors Arrangement Act (Canada) process of North American Lithium Inc. (NAL), further to the support confirmation from both secured creditors of NAL, has confirmed that it will support the filing of a motion with the Court for the approval of Sayona's joint bid for NAL with Piedmont Lithium Inc. (Sayona 75%; Piedmont 25%).
In addition to the approval of the Court, the transaction remains subject to completion of definitive agreements, to shareholder approval and other necessary regulatory approvals.
Welcoming this new development, Sayona's Managing Director Brett Lynch said: "We are delighted to have reached this significant milestone, we look forward to progressing this process through to completion with the support of all stakeholders."
Desjardins Capital Markets acted as lead financial advisor to Sayona Mining Limited.
About Elevra Lithium Limited
Elevra Lithium Limited is a North American lithium producer (ASX:ELV) (NASDAQ:ELVR) OTCMKTS:SYAXF) with projects in Quebec, Canada, United States, Ghana and Western Australia. In Quebec, Elevra's assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Quebec. In the United States, Elevra has the Carolina Lithium project (100%) and in Ghana the Ewoyaa Lithium project (22.5%) in joint venture with Atlantic Lithium. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
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