Sign up Australia
Proactive Investors - Run By Investors For Investors

Sayona Mining opens underwritten share purchase plan

The company is awaiting assays from phase two drilling at Authier.
Sayona Mining opens underwritten share purchase plan
The SPP will be open until May 10, 2017

Sayona Mining (ASX:SYA) has today opened its share purchase plan (SPP), which is underwritten to the amount of $1.5 million.

The issue price will be determined at the issue date of new shares and will represent a 20% discount to the volume weighted average price over five days prior to the issue date.

Under the SPP, shareholders can apply for parcels of new shares valued between $500 and $15,000.

The proposed use of the funds raised under the SPP is as follows:

- To accelerate the development of the company’s Authier lithium project in Canada;
- To fund exploration activity on the company’s Australian lithium projects;
- To provide general working capital; and
- For corporate costs and the costs of the issue.

Sayona is currently awaiting assays from the phase two drilling program at Authier.

Drilling commenced in January 2017 and comprised 31 holes for 4,104 metres, which are now all complete.

Once all the remaining assay results from the phase two drilling are received, Sayona plans to update its JORC resource estimate.

Sayona is also progressing its Mallina project in the world-class Pilgangoora lithium district in Western Australia, where mapping and sampling programs have outlined a number of prospective lithium targets.

View full SYA profile

Sayona Mining Timeline

Related Articles

February 20 2017
As well as RHA and Zulu, the firm has assets in Mozambique and a stake in private firm Circum Minerals
August 05 2016
NQ Minerals anticipates early cashflow from high margin silver stockpiles
January 14 2017
The firm owns 45% of the property, while joint venture partner Agnico Eagle has the rest (55%).

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use