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Sayona Mining (ASX:SYA) shares boosted as North American Lithium bid moves to court approvals

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ASX:SYA      MCAP $380.8M
27 May 2021 12:30 (AEST)

Source: Sayona Mining

Sayona Mining (SYA) shares are on the rise as the company’s bid for North American Lithium is submitted for court approval.

Representing another rung in its Québec expansion strategy, the ASX-lister said it has received support from the administrator overseeing the Companies’ Creditors Arrangement Act, advising that it will support Sayona’s joint bid with Piedmont Lithium.

Sayona announced a strategic partnership with U.S.-based lithium corporation, Piedmont Lithium (PLL) in January and raised $20 million to fund the offer via a capital raising in March.

The tender is split 75 per cent to 25 per cent in favour of Sayona and is more broadly hoped to accelerate the development of its lithium projects in Québec and enhance access to the U.S. market and investors.

SYA said today’s announcement is further to the support confirmation from both secured creditors of North American Lithium.

In addition to the approval of the Court, Sayona said the transaction remains subject to completion of definitive agreements, shareholder approval and other necessary regulatory approvals.

Sayona’s Managing Director Brett Lynch welcomed the news.

“We are delighted to have reached this significant milestone, we look forward to progressing this process through to completion with the support of all stakeholders,” he commented.

Sayona Mining shares are up 34.4 per cent to trade at 4.3 cents at 12:26 am AEST.

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