Bid Deadline Extended For North American Lithium
Brisbane, May 11, 2020 AEST (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) announced today the bid deadline for North American Lithium (NAL) has been extended by the court-appointed monitor (administrator), Raymond Chabot Inc. to 15 June 2020.
Based on court-approved procedures, the monitor has requested confirmation that Sayona's bid remains open for acceptance until this date. The Company has confirmed its acceptance.
Sayona has assembled a world-class team to support its bid for NAL, with Sayona's team encompassing the necessary operational and technical expertise together with environmental, engineering and financial know-how to ensure a successful turnaround.
Importantly, Sayona's bid has the unique advantage of being able to combine lithium produced from the Company's nearby Authier Lithium Project with the lithium at the NAL site, facilitating a significant improvement in plant performance and economics.
Sayona's Managing Director, Brett Lynch commented: "The delay to the sale process is not unexpected given current conditions in Quebec and globally due to the impact of the COVID-19 pandemic and resulting shutdown.
"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 NAL that would support jobs, investment and Quebec's lithium strategy."
About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is a dual-listed lithium producer and developer, supplying a reliable, secure and sustainable source of this critical mineral at the heart of global electrification.
Headquartered in Brisbane, Australia, Elevra has a globally diversified portfolio of world-class lithium assets across Quebec, North Carolina, Ghana, and Western Australia. Elevra was formed through the merger of Piedmont Lithium and Sayona Mining.
By combining operational excellence with disciplined asset management, we strive to maximise efficiency, drive superior shareholder value, and create lasting benefits for all stakeholders.
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