Intel stock spikes after report of possible US government stake
Sayona Mining Ltd (ASX:SYA; OTCQB:SYAXF) announced Tuesday that the special meeting of stockholders for Piedmont Lithium Inc. (NASDAQ:PLL) regarding their proposed merger has been adjourned for a second time, now scheduled for Friday, August 22, 2025, at 11 a.m. Eastern Time. According to Sayona’s press release statement, the adjournment was due to a lack of quorum, with only 47.05% of Piedmont’s common stock present—short of the required majority. Of those who voted, 97.77% supported the merger.
As a result of this delay, Sayona Mining and Resource Capital Fund VIII L.P. (RCF VIII) have agreed to extend the end date of their Subscription Agreement from August 19, 2025, to December 31, 2025. Under the revised terms, RCF VIII will subscribe for up to 1.2 billion new options to be issued in two tranches. The first tranche will bring RCF VIII’s interest to 9.99% of Sayona’s issued capital, while the second tranche, subject to regulatory approval, will cover the balance of the 1.2 billion options.
If all options are exercised, Sayona could receive approximately AU$38 million in capital. The exercise price for the options is set at AU$0.032, representing a 14% premium to Sayona’s closing price on Monday. The options will expire at 5:00 p.m. Brisbane time on December 31, 2028, and may be exercised in parcels of no less than 200 million options. The options are also transferable.
The extension of the Subscription Agreement is contingent on RCF VIII subscribing for the conditional placement shares approved by Sayona shareholders on July 31, 2025, and the issuance of options as outlined in the agreement dated Tuesday.
Sayona stated that a revised timetable for the merger will be released once approved by the ASX, pending the outcome of the rescheduled Piedmont special meeting and satisfaction of other conditions.
This information is based on a press release statement included in Sayona Mining’s SEC filing.
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