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Sayona Mining launches underwritten share purchase plan

The price will be determined at the issue date of new shares under the SPP.
Sayona Mining launches underwritten share purchase plan
The SPP is underwritten by Patersons Securities

Sayona Mining (ASX:SYA) will pocket $1.5 million through an underwritten share purchase plan (SPP).

The funds will be used to accelerate the development of the Authier project in Canada.

More specifically, Sayona will allocate the new funds for:

- Resource upgrade following the completion of the Phase 2 drilling program;
- Geotechnical and hydrogeological programs to improve the pit wall slopes and reduce the life-of-mine waste movement;
- Further metallurgical testing to optimise recoveries and concentrate grades;
- Updating the February 2017 Pre-Feasibility Study and Ore Reserve;
- Studying the potential for producing value-added lithium carbonate and/or hydroxide; and
- Continuation of the environmental and mining lease work programs.


Plan details

Eligible shareholders can subscribe for up to $15,000 worth of new shares.

The price will be determined at the issue date of new shares under the SPP.

This will be based on a 20% discount to the volume weighted average price of Sayona shares traded on the ASX during the 5 days immediately prior to the issue date.

View full SYA profile View Profile

Sayona Mining Ltd Timeline

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