Piedmont takes a stake in Sayona

US major Piedmont Lithium will take a 19.9% stake in ASX-listed Sayona Mining, and a 25% interst in the company’s subsidiary Sayona Quebec Inc, for a total investment of $12-million.

The two companies on Monday announced that Piedmont would acquire an initial 9.9% interest in Sayona for a $3.1-million share investment and two unsecured convertible noted for some $3.9-million, which upon conversion would give the company an additional 10% interest in Sayona.