Sayona Mining (ASX:SYA) raises $190m to fund restart of NAL

• Sayona Mining (SYA) raises $190 million to fund the restart of spodumene concentrate production at its North American Lithium (NAL) operation in Québec
• The company issued over one billion shares at 18 cents each, a 12.2 per cent discount to the last closing price on May 24
• Proceeds from the placement will be used for the restart of NAL, which remains on schedule for first spodumene concentrate production in the first quarter of 2023
• Managing Director Brett Lynch said this placement is a “major vote of confidence”
• On the market, Sayona is in the grey and trading at 20.5 cents per share at 10:16 am AEST

Sayona Mining (SYA) has raised $190 million to fund the restart of spodumene concentrate production at its North American Lithium (NAL) operation in Québec.

The company issued over one billion shares at 18 cents each, a 12.2 per cent discount to the last closing price on May 24.

Proceeds from the placement will be used for the restart of NAL, which remains on schedule for first spodumene concentrate production in the first quarter of 2023.

A recent pre-feasibility study for NAL showed the operation’s technical and financial viability and will form the basis of the definitive feasibility study (DFS).

The DFS is expected in the second half of the year and will assess the economics of a larger integrated NAL and Authier resource base and operation.

Managing Director Brett Lynch said this placement is a “major vote of confidence.”

“I would like to thank all our investors, both existing and new, for backing Sayona as we advance towards becoming the first local producer of spodumene in North America and ultimately moving downstream to capture even greater value‐add from our expanding lithium resource base,” he said.

New shares from the placement will be settles on Wednesday, June 1.

On the market, Sayona was in the grey and trading at 20.5 cents per share at 10:16 am AEST.