Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised Sayona Mining Ltd (ASX:SYA; OTCQB:SYAXF) (Sayona) on its all-stock merger with Piedmont Lithium Inc (NASDAQ:PLL) (ASX:PLL) (Piedmont Lithium), which completed on Friday 29 August 2025 (ET) / Saturday 30 August 2025 (AEST).
The transaction results in Sayona being the ultimate parent entity of the dual listed merged group, to be named Elevra Lithium Limited. Sayona will continue to be domiciled in Australia, with an ASX primary listing and a Nasdaq secondary listing of American depositary shares.
In addition to the merger and dual listing, Sayona undertook an institutional placement to raise approximately A$40 million and an issue of approximately $69 million of shares and a further options issuance to Resource Capital Fund VIII L.P. (RCF VIII).
This merger and associated capital raisings is another example of HSF Kramer's market-leading work in cross-border public M&A and ECM.
The HSF Kramer team was led by partner Nicole Pedler and supported by executive counsel Charlotte Cameron, and solicitors Josephine Fenn, Ben Hansen and Isabelle Holthouse.
Partner Nicole Pedler said, "We are proud to have supported Sayona on the complex set of interlocking cross border merger, listing and capital raising transactions as part of this defining milestone in the company's journey. The merger and dual listing is another example of the strong cross-border ties between Australia and the United States. "
Morgan Stanley acted as exclusive financial advisor to Sayona and Baker Botts and McCarthy Tétrault acted as foreign legal counsel. Canaccord Genuity acted as equity capital markets adviser to the Transaction and sole lead manager, underwriter and bookrunner to Sayona's capital raisings.