Piedmont Lithium (ASX:PLL) said that its wholly-owned unit Piedmont Lithium Newfoundland Holdings held a 19.9% stake in Vinland Lithium, which began trading on the TSX Venture Exchange at the opening of the market on May 23, according to a Thursday Australian bourse filing.

The dual-listed Piedmont beneficially owns or exercises control or direction over 2 million shares of Vinland out of the 10.05 million shares issued and outstanding.

Piedmont subscribed for 2 million class B shares of Vinland at CA$1 per share through a private placement on Oct. 11, 2023, and then exchanged its class B shares for common shares on a one-for-one basis as of June 30, 2024. The aggregate consideration for the 2 million common shares was CA$2 million.

Vinland became a reporting issuer in the Canadian provinces of Alberta and British Columbia after a qualifying transaction via a plan of arrangement transaction, whereby each of Benton Resources and Sokoman Minerals spun off 2 million common shares of Vinland to their respective shareholders.

The 2 million shares are subject to a 36-month value security escrow agreement.