Piedmont Lithium (NASDAQ:PLL) and Sayona Mining to combine the two companies to create a leading lithium business, resulting in Sayona being the ultimate parent entity.
The transaction will result in an approximate 50% / 50% equity holding of shareholders of Piedmont and Sayon in MergeCo immediately following the closing of the transaction.
Piedmont will be undertaking a proposed capital raise of ~$27M. Sayona is undertaking a capital raise of A$40M (~$27 million7M).
The equity raisings, aggregating to ~$99M, plan to ensure MergeCo is well positioned to accelerate growth within its enlarged portfolio.
The closing is expected in the first half of CY2025.