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Sayona Mining launches rights issue for lithium in Canada

The Authier project is located in an infrastructure rich region of Canada.
Sayona Mining launches rights issue for lithium in Canada
Sayona is increasing its cash balance

Sayona Mining Ltd (ASX:SYA) will raise up to $4.9 million from a pro-rate renounceable rights issue, with the new funds to advance the company's Authier lithium project in Canada.

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.

READ NOW: Sayona Mining's successful lithium testwork to feed into updated PFS at Authier

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Sayona Mining Ltd Timeline

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