- Sayona Mining (SYA) places it shares in a trading halt while it plans an upcoming capital raising
- The company will remain in the halt until July 12 or when more details regarding the raise are released, whichever occurs first
- On July 7, Sayona confirmed that spodumene from its Authier Lithium Project in Canada can be refined to produce 99.99 per cent pure lithium hydroxide
- This is pleasing as it is an essential requirement to meet the needs of producing lithium-ion batteries
- Shares in Sayona last traded at 9.7 cents on July 7
Sayona Mining (SYA) has placed its shares in a trading halt while it plans an upcoming capital raising.
The company will remain in the halt until July 12 or when more details regarding the raise are released, whichever occurs first.
Sayona is yet to disclose how much it intends to raise or what it will use the funds for once received.
On July 7, Sayona confirmed that spodumene from its Authier Lithium Project in Canada can be refined to produce lithium hydroxide at a 99.99 per cent purity.
The samples were processed by Australian hydroxide technology company, ICS Lithium using its sustainable, closed loop refining system.
The samples were then analysed at the CSIRO’s mineral resources lab in Perth which confirmed the “exceptional purity” of the samples.
Additionally, part of the samples were dispatched to Novonix Battery Technology Solutions in Nova Scotia, Canada to be processed into lithium-ion batteries.
These tests will determine whether the samples meet lithium-ion battery standards and evaluate its performance in commercial cells.
Shares in Sayona last traded at 9.7 cents on July 7. The company has a $499.9 million market cap.