Sayona Mining Ltd: Underwritten SPP Raises $1.5 Million
25.05.2017 | ABN Newswire
Brisbane - Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:DMNXF) ("Sayona" or the "Company") is pleased to announce it has raised $1.5 million through an underwritten Share Purchase Plan ("SPP").
Highlights
- Strongly supported Share Purchase Plan raises $805,314
- Shortfall $694,686 placed with underwriter
- Sayona funded to advance the development of the Authier lithium project in Canada
- Drilling campaign on the Mallina lithium project in Western Australia to commence shortly
The Company received applications from existing shareholders under the SPP for $805,314 resulting in the allotment of 147,371,469 shares at a price of $0.017 per share. In accordance with the Listing Rules, the share price was calculated at a 20% discount of the 5-day Volume Weighted Average Price ("VWAP") of shares traded on the ASX prior to the date of issue.
In addition, Patersons have placed the shortfall of $694,686 on the same terms as the SPP shares. For full details of shares issued and final capital structure please refer to the attached Appendix 3B (see the link below).
Funds raised will be used to continue the development of the Authier project in Canada and to fund exploration activity on the Company's Australian lithium projects and working capital.
To view the Appendix 3B, please visit:
http://abnnewswire.net/lnk/6E840L1I
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
Highlights
- Strongly supported Share Purchase Plan raises $805,314
- Shortfall $694,686 placed with underwriter
- Sayona funded to advance the development of the Authier lithium project in Canada
- Drilling campaign on the Mallina lithium project in Western Australia to commence shortly
The Company received applications from existing shareholders under the SPP for $805,314 resulting in the allotment of 147,371,469 shares at a price of $0.017 per share. In accordance with the Listing Rules, the share price was calculated at a 20% discount of the 5-day Volume Weighted Average Price ("VWAP") of shares traded on the ASX prior to the date of issue.
In addition, Patersons have placed the shortfall of $694,686 on the same terms as the SPP shares. For full details of shares issued and final capital structure please refer to the attached Appendix 3B (see the link below).
Funds raised will be used to continue the development of the Authier project in Canada and to fund exploration activity on the Company's Australian lithium projects and working capital.
To view the Appendix 3B, please visit:
http://abnnewswire.net/lnk/6E840L1I
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