Date Closed

August 30, 2021

Lead Office

Montréal

Value

196.00 Million CAD

On August 27, 2021, after a 19-month sales process, North American Lithium Inc. (NAL) and its court-appointed Monitor, Raymond Chabot, accepted the offer of Sayona to acquire NAL through a reverse vesting transaction valued at $196,000,000 and paid in part by the assumption of the secured debts of IQ amounting to 99,000,000 in principal.

The monitor (administrator) appointed by the Court overseeing the CCAA process of NAL, further to the support confirmation from both secured creditors of NAL, confirmed its support for the filing of a motion with the Superior Court of Quebec for the approval of Sayona's joint bid for NAL.

Sayona Mining is an emerging lithium producer based in Australia, with operations in Quebec and Australia.

McCarthy Tétrault advised Sayona with a team led by Jocelyn Perreault and Louis-Nicolas Boulanger that included Mathieu Leblanc, Marc Dorion, Xin Gao, Isabelle Pépin-Lapointe and Charles-Étienne Pressé (Business); Gabriel Faure (Bankruptcy & Restructuring); Dominique Amyot-Bilodeau (Environmental); Dominic Thérien, Erin Keogh (Competition) and Daphné Anastassiadis (Competition and Foreign Investment).