Completion of Piedmont Investment in Sayona Quebec
Brisbane, June 8, 2021 AEST (ABN Newswire) - Emerging lithium producer Sayona Mining Limited (
ASX:SYA) (DML.F) (DMNXF:OTCMKTS) has completed the final leg in its strategic partnership arrangement with leading U.S.-based lithium corporation, Piedmont Lithium, following the execution of the necessary agreements regarding Piedmont's investment in Sayona Quebec Inc.
As detailed in the Company's announcement on 11 January 2021, Piedmont has subscribed for US$5 million worth of shares in Sayona Quebec to acquire a 25% interest in Sayona's Canadian subsidiary.
The funding will help advance Sayona's growth plans in Quebec, including the Company's flagship Authier Lithium Project, the emerging Tansim Lithium Project and creation of a lithium hub in Quebec's Abitibi region, including the Company's joint bid with Piedmont for North American Lithium (NAL).
Sayona's Managing Director, Brett Lynch commented: "We welcome Piedmont's investment in Sayona Quebec and its support of our growth plans in Canada, including our joint bid for NAL.
"This partnership is advancing the development plans of both companies, as we work to develop an Abitibi lithium hub in Quebec supplying the fast-growing North American battery market."
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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