Sayona Mining has announced that Piedmont Lithium has further postponed its special meeting of stockholders to August 22. This delay stems from Piedmont failing to achieve the necessary quorum to approve a proposed merger, despite overwhelming shareholder support, with 97.77 per cent voting in favour. Sayona Mining is focused on sourcing lithium and advancing its emerging lithium projects. Piedmont Lithium is a company focused on supplying lithium resources.
In response to this postponement, Sayona and Resource Capital Fund VIII (RCF VIII) have agreed to extend the deadline of their subscription agreement to December 31. This extension provides additional time to accommodate the uncertainty surrounding Piedmont’s meeting and its potential impact on Sayona’s financing arrangements. Resource Capital Fund (RCF) is a private equity firm that provides capital to the mining industry.
Furthermore, RCF VIII will subscribe for an additional 1.2 billion options in Sayona Mining. If fully exercised, these options could inject up to $38 million of additional capital into the company. This represents a significant potential boost to Sayona’s financial position, strengthening its capacity to execute its strategic objectives.
The options will be issued at a price representing a 14 per cent premium to Sayona’s recent share price. Sayona has confirmed that the issuance of these options falls within the company’s existing placement capacity, ensuring compliance with relevant regulatory requirements.
