The Montreal mining company, Central America Nickel (CAN), dismissed in Superior Court earlier this week in the case of the sale of North American Lithium (NAL), in Abitibi, will appeal the judgment rendered.
• Read also: North American Lithium may be sold to Australian Sayona
In a press release released yesterday, the company announced that it had asked its attorneys to “immediately file legal proceedings to request authorization to appeal the decision of judge” Martin Castonguay before the Quebec Court of Appeal.
“If the rules of the SISP [procédures de vente et de sollicitation d’investisseurs] are not intended to be tracked or may be canceled or waived by the Controller at any time […], so why even bother to state the rules in the first place? asks CAN CEO Pierre Gauthier.
Clear process
He continues: “The decision to favor Sayona’s offer is an unfortunate setback, but we hope the Court of Appeals will recognize that it must be reconsidered. A tendering process must be clear, safe and rigorous so that the result – whatever it is – is accepted by all. This was clearly not the case with the Sayona proposal”.
In May, CAN had filed a proceeding in the Superior Court asking, among other things, that the Court declare Sayona’s offer null and void and order the relaunch of a new sale and investor solicitation process. She then maintained that the process had been compromised “by several irregularities, by a lack of transparency and of appropriate monitoring”.
On Tuesday, the Superior Court rejected his arguments and gave its approval to the acquisition of NAL by Sayona Mining and Piedmont Lithium.
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