Repayment of Convertible Notes
Brisbane, May 7, 2020 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) announced today it has undertaken an early redemption of 491,400 unlisted convertible notes (ASX:SYAAB) held by Obsidian Global GP, LLC. This represents all notes currently on issue.
Repayment of the notes was identified as a planned use of funds in the Prospectus prepared for the recent renounceable pro rata entitlement offer. The total redemption amount was US$594,594.
Details of the convertible note terms are outlined in Sayona's 10 January 2020 announcement to the ASX. The Company has no debt following repayment of the notes.
Sayona's Managing Director, Brett Lynch said: "Redemption of the convertible notes is part of the Company's capital management strategy aimed at enhancing shareholder value. Sayona thanks Obsidian Global for their support for the Company as we advance our expansion plans in Quebec and Western Australia."
About Elevra Lithium Limited
Elevra Lithium Limited is a North American lithium producer (ASX:ELV) (NASDAQ:ELVR) OTCMKTS:SYAXF) with projects in Quebec, Canada, United States, Ghana and Western Australia. In Quebec, Elevra's assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Quebec. In the United States, Elevra has the Carolina Lithium project (100%) and in Ghana the Ewoyaa Lithium project (22.5%) in joint venture with Atlantic Lithium. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
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