Sayona Mining Ltd - Share Purchase Plan Extension
10.05.2017 | ABN Newswire
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The SPP provides eligible shareholders with the opportunity to apply for parcels of new shares in Sayona valued between $500 and $15,000.
Revised Timetable
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Event Date
Closing Date 17 May 2017
Issue Date of new Shares
and Dispatch of Holding Statements 22 May 2017
New Shares commence trading on ASX 23 May 2017
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The Company is pleased with acceptances to date but believe it is in the best interests of shareholders to extend the offer. The SPP is underwritten to the amount of $1,500,000 by Patersons Securities Limited, subject to standard terms and conditions.
Funds raised under the Plan will be used to accelerate the development of the Authier project in Canada; to fund exploration activity on the Company's Australian lithium projects and working capital.
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.
Authier Work programs will be focused on enhancing the value of the project, including:
- Resource upgrade following the completion of the Phase 2 drilling program;
- Geotechnical and hydrogeological programs to improve the pit wall slopes and reduce the life-of-mine waste movement;
- Further metallurgical testing to optimise recoveries and concentrate grades;
- Updating the February 2017 Pre-Feasibility Study and Ore Reserve;
- Studying the potential for producing value-added lithium carbonate and/or hydroxide; and
- Continuation of the environmental and mining lease work programs.
In addition, the Company is 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.
About Sayona Mining Ltd:
Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:DMNXF) 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