Sayona Mining Limited Stock Market Press Releases and Company Profile

View in Other Languages Sayona Mining Limited (ASX:SYA) Raising CAD$50m to Advance Quebec Lithium Projects Sayona Mining Limited (ASX:SYA) beschafft 50 Mio. CAD $, um die Lithiumprojekte in Quebec voranzutreiben Sayona Mining Limited (ASX:SYA) lève 50 millions de dollars canadiens pour faire avancer les projets de lithium au Quebec Sayona Mining Limited (ASX:SYA) 筹集 5000 万加元以推进魁北克锂项目 Sayona Mining Limited (ASX:SYA) recauda 50 millones de dólares canadienses para avanzar en proyectos de litio en Quebec Sayona Mining Limited (ASX:SYA) arrecada CAD$ 50 milhões para promover projetos de lítio em Quebec Sayona Mining Limited (ASX:SYA), 퀘벡 리튬 프로젝트 발전을 위해 CAD$5000만 조달 Sayona Mining Limited (ASX:SYA) Mengumpulkan CAD$50 juta untuk Memajukan Proyek Lithium Quebec Sayona Mining Limited (ASX:SYA) ケベック州のリチウムプロジェクトを前進させるために5000万カナダドルを調達 Sayona Mining Limited (ASX:SYA) ระดมทุน 50 ล้านดอลลาร์แคนาดาเพื่อพัฒนาโครงการ Quebec Lithium Sayona Mining Limited (ASX:SYA) привлекает 50 млн канадских долларов для продвижения литиевых проектов в Квебеке 
Raising CAD$50m to Advance Quebec Lithium Projects
Raising CAD$50m to Advance Quebec Lithium Projects

Brisbane, Mar 7, 2023 AEST (ABN Newswire) - Emerging lithium producer Sayona Mining Limited (ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS) has entered into a subscription agreement with PearTree Securities Inc for the issuance of 174,459,177 shares at a price of AUD$0.315 per share for aggregate gross proceeds of AUD$54.9 million using the FTS provisions under Canadian tax law (Placement). Use of the FTS provisions significantly minimises dilution of issued capital.

The funding will help advance exploration efforts while the Company continues to progress the restart of its North American Lithium (NAL) operation, together with Sayona's other growth projects in Quebec, including its emerging northern lithium hub.

Sayona is well placed to progress its expanding lithium resource base, with this additional funding adding to its financial resources.

Sayona's Managing Director, Brett Lynch commented: "Sayona has made significant progress in developing the leading hard rock lithium resource base in North America, with the pending restart of production at NAL set to mark our progression from explorer to producer.

"This funding will provide an added boost to our expansion plans, with the FTS provisions allowing us to raise capital at a premium to the current share price, thereby minimising dilution for the benefit of our shareholders."

Flow-Through Share Raise Details

The Company has entered into a subscription agreement with PearTree Securities Inc for approximately CAD$50,000,000 (A$54,954,640 before costs) through the issue of approximately 174,459,177 shares at an issue price of CAD$0.2866 (A$0.315).

The gross proceeds received by the company will be used to incur Canadian exploration expenses (CEE) that qualify as "flow-through critical mineral mining expenditures" as such term is defined in the Income Tax Act (Canada) by December 31, 2024. Funds raised will be applied to exploration and drilling at Sayona's Quebec assets including expedited follow-up drilling at priority targets, prospecting, gravity, stripping and channel sampling and CEE eligible staffing expenses.

The new shares will be issued under the Company's existing placement capacity under ASX Listing Rule 7.1.

Settlement of the Placement is expected to occur on Thursday, 9 March 2023 and the new shares will rank equally with the Company's existing shares on issue. A cleansing prospectus under section 713 of the Corporations Act 2001 (Cth) will be issued in connection with the transaction.

Jett Capital Advisors LLC acted as adviser to Sayona and the FTS Placement has been facilitated by Canadian flow-through share dealer, PearTree Securities Inc.

To view the Prospectus, please visit:
https://www.abnnewswire.net/lnk/XY09X79O



About Sayona Mining Limited

Sayona Mining LtdSayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) 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

   


Contact

Brett Lynch
Managing Director
Phone: +61 (7) 3369 7058
Email: info@sayonamining.com.au



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