https://www.miningweekly.com

Sayona’s bid for North American Lithium contested

22nd June 2021

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Australia-based Sayona Mining on Tuesday revealed that its bid for North American Lithium (NAL) is being contested, hitting its share price.

Sayona explained that its proposed acquisition of NAL could only proceed with the Superior Court of Quebec’s approval.

The company said that NAL and its court-appointed administrator had filed a joint motion with the court seeking approval of the acquisition. However, the motion was being jointly contested by an alternative bidder for, and unsecured creditor of, NAL.

The bidder was not named in Sayona's press release.

“We are continuing to work our way through the process of acquiring NAL, as per our joint bid with Piedmont Lithium.

“We remain confident of progressing this through to successful completion and delivering the benefits of our bid for all stakeholders,” said Sayona MD Brett Lynch.

The court has scheduled a substantive hearing of the joint motion for June 28.

Sayona’s stock at one point on Tuesday sunk nearly 17% to a low of A$0.054 a share, before recovering to close at A$0.063 a share – down 3% on Monday’s closing price.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 
Environmental Impact Management Services
Environmental Impact Management Services

EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.052 0.77s - 128pq - 2rq
Subscribe Now