Piedmont Lithium completes final leg in strategic investment partnership with Sayona Québec

Piedmont Lithium Inc (NASDAQ:PLL) (ASX:PLL) (OTCMKTS:PDDTF) has completed the final leg in the strategic partnership with Sayona Mining Ltd (ASX:SYA) (OTCMKTS: DMNXF) and its investment in Sayona Québec Inc. 

Piedmont has subscribed for US$5 million worth of shares in Sayona Québec Inc to acquire a 25% interest in Sayona’s Canadian subsidiary.

The funding will help advance Sayona’s growth plans in Québec, including the company’s flagship Authier Lithium Project, the emerging Tansim Lithium Project and creation of a lithium hub in Québec’s Abitibi region as well as Sayona’s joint bid with Piedmont for North American Lithium (NAL).

This partnership with Sayona will also enhance Piedmont’s strong position in the burgeoning US lithium industry. 

Support of growth plans 

Sayona managing director Brett Lynch said: “We welcome Piedmont’s investment in Sayona Québec and its support of our growth plans in Canada, including our joint bid for NAL.

“This partnership is advancing the development plans for both companies, as we work to develop an Abitibi lithium hub in Québec supplying the fast-growing North American battery market.”

Aim to resume production imminently 

Sayona Mining is an emerging lithium miner with projects in Québec, Canada, and in Western Australia. 

As announced on May 28, 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.

If approved, the transaction would be entirely carried out and completed thanks to the contribution of private capital.

Story by ProactiveInvestors