Piedmont Lithium gains after merger with Sayona Mining

Elevra Lithium

19/11/2024 12:00

** Shares of U.S.-based mining co Piedmont Lithium  PLL.O 
rise 2.9% to $12.60 premarket
    ** PLL to merge with Australia-based Sayona Mining  SYA.AX 
in all-stock deal to create lithium business, with SYA as parent
entity
    ** New company will be owned 50-50 by each company's
shareholders
    ** Piedmont will be undertaking proposed capital raise of
$27 mln; Sayona undertaking capital raise of A$40 mln ($25.99
mln)
    ** Transaction expected to close during first half of 2025
    ** As of last close, stock down 56.61% YTD

($1 = 1.5392 Australian dollars)

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))