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- Emerging lithium miner Sayona Mining (SYA) says the bid deadline for North American Lithium has been extended to June 15
- The company put in a bid for North American Lithium in Septemeber last year
- It believes securing North American’s lithium mine will secure its pathway from junior miner to mid-tier producer
- If successful, Sayona has the unique advantage of being able to combine the lithium produced from its nearby Authier Lithium Project with North American’s
- Managing Director Brett Lynch said this delay is not unexpected, due to the current conditions in Québec and the global effects of the COVID-19 pandemic
- Sayona remains in the grey today and is trading for 0.7 cents each
Emerging lithium miner Sayona Mining (SYA) says the bid deadline for North American Lithium has been extended to June 15.
The court-appointed monitor, Raymond Chabot, made the decision.
The company put a bid for North American Lithium in Septemeber last year. It believes securing North American’s lithium mine will secure its pathway from junior miner to mid-tier producer.
If successful, Sayona has the unique advantage of being able to combine the lithium produced from its nearby Authier Lithium Project with North American’s. This will increase the Authier plant’s performance and economics.
Managing Director Brett Lynch said this delay is not unexpected due to the current conditions in Québec and globally due to COVID-19 pandemic.
“We look forward to engaging further with the monitor and other key stakeholders to advance our bid, which offers the best prospects for a successful turnaround at North American Lithium that would support jobs, investment and Québec’s lithium strategy,” the company said.
In January, the company locked in a $2.75 million funding facility from New York-based investment firm, Obsidian Global. These funds will be used to progress the bid and for work at Authier.
Sayona remains in the grey today and is trading for 0.7 cents each at 1:27 pm AEST.
