Australian lithium producer Sayona Mining said on Wednesday it received Canadian court approval to buy Quebec-based peer North American Lithium (NAL), sending its shares 16% higher.
The company and U.S.-based Piedmont Lithium, the largest shareholder in Sayona with a 19.8% stake, made a joint bid for NAL earlier this year as part of the Australian company’s plan to expand in North America.
Sayona said it planned to refurbish NAL’s facilities after the deal closes, expected to happen in the third quarter of 2021, subject to certain regulatory approvals at home and in Canada.
Source: Reuters.com