The placement will be undertaken on the same terms as the current SPP:
Issue Price: AUD$0.0086 per shares
Securities: Shares applied for plus one unlisted option for every two New Shares issued, exercisable at 3 cents and having an expiry date of 23 July 2022
Meanwhile, the SPP remains open until 19 August (refer ASX announcement 13 August 2019), providing eligible shareholders the opportunity to apply for parcels of new shares in Sayona valued between $1,000 and $15,000. In accordance with ASX listing rules, the placement of securities to Directors will be subject to shareholder approval.
The Directors' investment includes funds from recently appointed Managing Director and Chief Executive Officer, Brett Lynch, together with contributions from the Sayona Quebec management team including Sayona Quebec CEO Guy Laliberte and Serge Rouillier, Manager, Sustainable Development.
Sayona's Managing Director, Mr Lynch said the Board and management team's investment in the capital raising provided a tangible vote of confidence for investors.
"Sayona's leadership team is extremely positive concerning the future of our Company and its portfolio of lithium projects in Canada and Western Australia," Mr Lynch said.
"This investment by the Directors and management is a tangible demonstration of our commitment to Sayona and to delivering results, with a clear alignment of the interests of the Board and management with all shareholders."
Sayona has continued to progress its Authier project, currently advancing the review of its mining plan and definitive feasibility study together with an environmental impact statement (EIS).
As outlined in a recent investor presentation, the Company expects the regulatory process to take approximately 13 to 18 months, with a government decision expected by late 2020 and construction eyed for 2021, pending the necessary approvals (refer ASX announcement 17 July 2019).
Recent consultations with stakeholders in Quebec have reinforced the Quebec Government's commitment to ensuring the development of a complete lithium value chain in the province, including downstream processing.
Sayona's Mr Lynch added: "Our interests in Quebec are fully aligned with the government and the people of Quebec, complementing its lithium strategy. With the global revolution in lithium-ion battery technology driving demand for new lithium projects, Sayona has a very bright future that we are determined to capitalise on."
About Sayona Mining Ltd
Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.
Please visit us as at www.sayonamining.com.au
Phone: +61 (7) 3369 7058