Piedmont Lithium Inc (ASX:PLL) (NASDAQ:PLL) (OTCMKTS:PDDTF) and Sayona Mining Ltd (ASX:SYA) (OTCMKTS:DMNXF) are advancing a joint bid to acquire North American Lithium (NAL) via subsidiary Sayona Québec (Piedmont 25% and Sayona 75%).
Following an agreement with Investissement Québec, one of the secured creditors, and subject to the conclusion of definitive agreements, Sayona Québec’s proposal to acquire lithium production operations at the NAL site in La Corne in Abitibi‐Témiscamingue will be presented to the Superior Court of Québec for approval.
The offer would allow for the development of a lithium hub in the region and if approved and the other conditions at the closing of the transaction are completed, including the conclusion of definitive agreements, approval of Sayona shareholders and obtaining of regulatory approvals, Sayona Québec aims to resume production as soon as possible.
“Lithium transformation in Quebec”
If approved, the transaction would be entirely carried out and completed thanks to the contribution of private capital.
Sayona Québec chief executive officer Guy Laliberté said: “[The] potential acquisition if approved by the Superior Court, would move the Abitibi‐Témiscamingue region and Quebec to a first milestone in the international lithium market with Sayona.
“We would be very happy to build this project from an inspiring region, and even prouder to commit to the development of lithium transformation in Quebec.
“Our partner Piedmont Lithium and our entire team are strongly motivated by this challenge, which would allow Quebec and its citizens to benefit from this creation of additional wealth.”
Lithium hub potential
Following approval, Piedmont Lithium and Sayona Québec are committed to carrying out secondary processing of lithium in Quebec within the next five years – in accordance with the conditions set out in the agreement with Investissement Québec.
Creation of a lithium hub in Abitibi‐Témiscamingue would establish a solid foundation for the development of the entire Quebec lithium sector.
The planned acquisition of NAL would also generate quality jobs and provide local communities with direct benefits.
Piedmont and Sayona are enthusiastic about Quebec’s attributes (clean electricity, skilled labour etc) and by the Government’s desire to develop the electric battery industry.
PLL shares have been as much as 6.4% higher to A$0.84 while the company’s market cap is approximately A$466.4 million.
Story by ProactiveInvestors
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