Completion of Retail Component of Entitlement Offer
Brisbane, Aug 15, 2016 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DMNXF:OTCMKTS) ("Sayona" or "The Company") is pleased to announce the successful completion of the retail component of its 1 for 5 pro-rata accelerated non-renounceable entitlement offer to eligible shareholders.
All shares to be issued under the entitlement offer are being issued at $0.027 per share and will include one free attaching option exercisable at $0.03 for every two new shares acquired.
Under the retail component of the entitlement offer, valid applications were received from eligible shareholders totalling $436,915. The shortfall of $559,801 has been placed to investors by the underwriter Bizzell Capital Partners Pty Ltd.
The allotment of new shares and options under the retail component of the entitlement offer is scheduled to occur on Wednesday 17 August 2016, with normal trading of the new securities to commence on Thursday 18 August 2016. New shares will rank equally with other existing shares in the Company.
The previously completed accelerated institutional component of the entitlement offer successfully raised a further $1,904,570. The Company has also entered into an agreement to undertake a further placement to raise up to $600,000 (Conditional Placement) subject to receipt of necessary shareholder approvals at the extraordinary general meeting of shareholders to be held on 7 September 2016.
Total proceeds from the entitlement offer, amounting to $2,901,286 together with the proceeds from the recently completed placement of $3,592,816 and the Conditional Placement will be used to further progress Sayona's previously announced growth initiatives.
About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
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