Brisbane, Australia, May 11, 2020 - (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (ASX:SYA.AX - News) (HAM:DML.HM - News) (OTCMKTS:DMNXF - News) 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 Sayona Mining Ltd:
Sayona Mining Limited (ASX:SYA.AX - News) (OTCMKTS:DMNXF - News) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.
Please visit us as at www.sayonamining.com.au
Phone: +61 (7) 3369 7058
Sayona Mining Ltd
Copyright (C) 2020 ABN Newswire. All rights reserved.