- Junior lithium miner Sayona Mining (SYA) has placed its shares in a trading halt ahead of an upcoming capital raise announcement
- The trading halt is expected to be lifted on or before Thursday, March 25, when Sayona makes a formal disclosure detailing the raise
- At this stage, there’s been no clear indications at this stage as to how much the company is looking to tap investors for or what it’s got in store for the funds
- In most recent operational developments for the explorer, it spruiked a significant expansion at its Tansim Lithium Project in Quebec and has tabled a $1.65 million work programme
- Prior to the trading halt, Saynoa shares last changed hands at 3.9 cents
Junior lithium miner Sayona Mining (SYA) has placed its shares in a trading halt ahead of an upcoming capital raise announcement.
The company says investors can expect to receive a formal disclosure regarding the raise no later than the commencement of normal trading on Thursday, March 25.
There have been no clear details regarding the raise at this stage, with Sayona making no indication as to how much it is hoping to raise, how it plans to spend the funds or which investors will be eligible.
The news follows a swath of recent updates on the company’s Tansim Lithium Project in Quebec, which has recently been expanded to 15,907 hectares, comprising 275 claims.
In an announcement from last week, Sayona tabled a $1.65 million work program for Tansim, encompassing a phase one 5000-metre drill programme and a phase two work programme including a mineralogical study, metallurgical test work and a mineral resource estimate “if warranted”.
The company disclosed a cash balance of approximately $4.6 million in its latest half-yearly.
Prior to the trading halt, Sayona shares last changed hands at 3.9 cents.