Sayona acquires Vallée Lithium Project
November 14, 2022
11.50 Million CAD
On November 14, 2022, North American Lithium Inc. (LAN), a subsidiary of Sayona Mining Limited (Sayona), acquired Jourdan Resources' Lithium Valley Project (Jourdan). Sayona and Jourdan entered into an acquisition agreement to form a joint venture on the Valley Project covering 28 claims, with LAN investing up to C$10 million in exploration to increase its interest to 50% over a two-year period. The initial 25% interest will be obtained by investing C$4 million in the first 12 months, with the option of an additional 25% by investing C$6 million in the following 24 months. An additional 1% is subject to Sayona preparing a feasibility study and obtaining financing for the development of a mine. The acquisition rights will be held by LAN. Sayona and Jourdan will process the mineral products from the joint venture at LAN's facilities, with terms and conditions to be negotiated and agreed upon to the reasonable satisfaction of both parties. Sayona is also acquiring a 9.99% interest in Jourdan through a private placement for approximately $1.5 million and may appoint a director to Jourdan's Board of Directors.
McCarthy Tétrault assisted LAN and Sayona with a team led by Louis-Nicolas Boulanger and Konstantin Sobolevski that included Charles-Antoine Soulière, Benjamin Rivard, Charles-Étienne Pressé and Pierre Langlois (Business).