US mining company Piedmont Lithium and Australian lithium exploration and development company Sayona Mining have announced an all-stock merger. The ownership will be split approximately 50-50. Sayona will be the ultimate parent entity.
The merger is intended to create a leading North American hard rock lithium producer, MergeCo, with geographically advantaged spodumene resources of global scale. Each company will undertake a capital raise of approximately $27 million. The merger transaction is expected to close in the first half of 2025.
“This merger combines two complementary businesses and will create a larger and stronger company,” said Piedmont Lithium President and CEO Keith Phillips. “MergeCo will be North America’s largest lithium producer and will have an attractive growth profile with three DFS-stage development projects and an exciting near-term brownfield expansion opportunity at NAL.”
“The merger financing, cornerstoned by leading mining private equity group RCF, will enable us to weather the current industry downturn while making intelligent investments in our growth projects to be positioned for the recovery in lithium markets that we expect in the medium term. MergeCo will be domiciled in Australia, but will maintain a listing on Nasdaq and a strong commitment to our Carolina Lithium project and our US headquarters in Belmont, North Carolina.”
Source: Piedmont Lithium
from Charged EVs https://ift.tt/oM0mcjn
No comments:
Post a Comment