Patersons Securities is providing support with a partial underwriting up to $2.5 million.
The issue will be priced at $0.01, comprising 1 share for every 2 existing shares.
Use of funds
More specifically, the funds will be used for the completion of the Pre-Feasibility Study, and to undertake the Definative Feasibility study at Authier.
Sayona believes Authier is one of the most advanced new hard-rock spodumene development projects in the world, and has a strategy to move into production quickly.