Sayona makes progress with NAL acquisition
The share price of Sayona Mining surged 40% on the ASX on Thursday, as the company announced a welcome development regarding its proposed acquisition of North America Lithium (NAL), in Quebec.
The administrator appointed to oversee the Companies’ Creditors Arrangement Act process of NAL had confirmed that it would support the filing of a motion with the court for the approval of the joint bid for NAL, Sayona said.
The company is bidding for NAL, which halted production in early 2019, in a partnership with lithium miner Piedmont.
Besides court approval, the transaction remained subject to completion of definitive agreements, to shareholder approval and other regulatory approvals.
Sayona’s stock closed at A$0.045 a share, having earlier in the day touched A$0.052 apiece.
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