Sayona Mining Limited Stock Market Press Releases and Company Profile
Underwritten SPP Raises $1.5 Million
Underwritten SPP Raises $1.5 Million

Brisbane, May 25, 2017 AEST (ABN Newswire) - Sayona Mining Limited (googlechartASX:SYA) (googlechartDMNXF:OTCMKTS) ("Sayona" or the "Company") is pleased to announce it has raised $1.5 million through an underwritten Share Purchase Plan ("SPP").

Highlights

- Strongly supported Share Purchase Plan raises $805,314
- Shortfall $694,686 placed with underwriter
- Sayona funded to advance the development of the Authier lithium project in Canada
- Drilling campaign on the Mallina lithium project in Western Australia to commence shortly

The Company received applications from existing shareholders under the SPP for $805,314 resulting in the allotment of 47,371,469 shares at a price of $0.017 per share. In accordance with the Listing Rules, the share price was calculated at a 20% discount of the 5-day Volume Weighted Average Price ("VWAP") of shares traded on the ASX prior to the date of issue.

In addition, Patersons have placed the shortfall of $694,686 on the same terms as the SPP shares. For full details of shares issued and final capital structure please refer to the attached Appendix 3B (see the link below).

Funds raised will be used to continue the development of the Authier project in Canada and to fund exploration activity on the Company's Australian lithium projects and working capital.

To view the Appendix 3B, please visit:
http://abnnewswire.net/lnk/6E840L1I


About Sayona Mining Limited

Sayona Mining LtdSayona 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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Contact

Corey Nolan
Chief Executive Officer
Phone: +61-7-3369-7058
Email: info@sayonamining.com.au
www.sayonamining.com.au



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