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.