Sayona Mining Ltd: Completion of Retail Component of Entitlement Offer
15.08.2016 | ABN Newswire
Brisbane - Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:DMNXF) ("Sayona" or "The Company") is pleased to announce the successful completion of the retail component of its 1 for 5 pro-rata accelerated non-renounceable entitlement offer to eligible shareholders.All shares to be issued under the entitlement offer are being issued at $0.027 per share and will include one free attaching option exercisable at $0.03 for every two new shares acquired.
Under the retail component of the entitlement offer, valid applications were received from eligible shareholders totalling $436,915. The shortfall of $559,801 has been placed to investors by the underwriter Bizzell Capital Partners Pty Ltd.
The allotment of new shares and options under the retail component of the entitlement offer is scheduled to occur on Wednesday 17 August 2016, with normal trading of the new securities to commence on Thursday 18 August 2016. New shares will rank equally with other existing shares in the Company.
The previously completed accelerated institutional component of the entitlement offer successfully raised a further $1,904,570. The Company has also entered into an agreement to undertake a further placement to raise up to $600,000 (Conditional Placement) subject to receipt of necessary shareholder approvals at the extraordinary general meeting of shareholders to be held on 7 September 2016.
Total proceeds from the entitlement offer, amounting to $2,901,286 together with the proceeds from the recently completed placement of $3,592,816 and the Conditional Placement will be used to further progress Sayona's previously announced growth initiatives.
About Sayona Mining Ltd:
Sayona Mining Ltd. (ASX:SYA) is a company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. Please visit us as at www.sayonamining.com.au
Contact:
Sayona Mining Ltd.
Corey Nolan, Chief Executive Officer
Phone: +61-7-3369-7058
Email: info@sayonamining.com.au
www.sayonamining.com.au
