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- Emerging lithium producer Sayona Mining (SYA) enters a mid-week trading halt ahead of an upcoming capital raise
- It is not known to the market how much the company is aiming to raise or where it plans to spend the funds
- The halt will see SYA shares paused until Friday, May 27, or when further results are released to the market
- Earlier this week, the company confirmed the technical and financial viability of its North American Lithium (NAL) project in Quebec
- SYA shares last traded at 20.5 cents on May 24
Sayona Mining (SYA) has entered a mid-week trading halt ahead of an upcoming capital raise.
It is currently not known how much the company is planning to raise or where the funds will be spent.
Company shares will be halted until Friday, May 27, or when a further announcement is released to the market.
Sayona is an emerging lithium producer with projects in Québec, Canada, and Western Australia.
Earlier this week, the company confirmed the technical and financial viability of its North American Lithium (NAL) project in Quebec.
The pre-feasibility study (PFS) showed the mine is expecting an average annual production of 168,000 tonnes of six per cent spodumene concentrate over a 27-year mine life.
The study put an estimated capital cost to restart the mine at around US$80 million (A$112 million).
On the market, SYA shares last traded at 20.5 cents on May 24.
