Close-Out of Convertible Note Facility
Brisbane, July 15, 2020 AEST (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (
ASX:SYA) (DML:FRA) (DMNXF:OTCMKTS) announced today the early close out of a convertible securities funding facility.
The Company has entered into a formal agreement with Obsidian Global GP, LLC, for the early close out of the convertible securities funding facility. The secured facility of up to $2.75 million with Obsidian was announced on 10 January 2020 (refer ASX release).
All amounts drawn under the facility have either been converted to shares or repaid.
Sayona's Managing Director, Brett Lynch commented: "Obsidian has been a great partner to work with and the s facility played an important role in supporting the Company's progress. I would like to thank them for their vote of confidence in Sayona's expansion strategy.
"With Sayona's bid for North American Lithium advancing together with our other exploration projects in Quebec and Western Australia, we have enjoyed increased investor support, particularly amid the global push towards the electrification of transport."
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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