Piedmont Lithium Sells 1.2B Sayona Mining Shares for A$0.052/Share
Portfolio Pulse from Benzinga Newsdesk
Piedmont Lithium (NASDAQ:PLL) announced the sale of its entire stake in Sayona Mining (ASX: SYA), totaling 1,152.2 million shares at A$0.052/share, through Canaccord Genuity. The sale, generating approximately A$59.9 million (US$39.4 million), concludes Piedmont's shareholding in Sayona, without affecting its joint venture or offtake position with Sayona Quebec.
February 21, 2024 | 11:53 am
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Piedmont Lithium sells its entire stake in Sayona Mining, generating approximately US$39.4 million in proceeds. This move concludes Piedmont's shareholding in Sayona but maintains its joint venture and offtake agreements.
The sale of Piedmont's stake in Sayona Mining is likely to be viewed positively by the market as it generates significant cash proceeds without affecting its strategic joint venture and offtake agreements. This influx of cash could be used for further development or to strengthen the balance sheet, potentially leading to a short-term positive impact on Piedmont's stock price.
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