- Sayona Mining (SYA) has requested a trading halt pending the release of an announcement about the shortfall from its pro-rata rights issue
- The company last entered a trading halt on March 9 regarding a capital raising announcement and requested a voluntary suspension a few days after that
- A day after the voluntary suspension was announced, Sayona launched a renounceable rights issue in a bid to raise up to $4.3 million for its growth strategy in Canada
- The rights issue was initially planned to close on April 3 but was extended to April 22 due to market conditions brought on by COVID-19
- On March 27, Sayona announced it had raised $2.57 million under the rights issue and as a result, directors subscribed for an additional $400,000 from any shortfall
- Shares in Sayona last traded for 1.2 cents each on July 15
Sayona Mining (SYA) has requested a trading halt pending the release of an announcement about the shortfall from its pro-rata rights issue.
The company has requested the halt remain in place until an announcement is made, at the latest after four trading days on the start of normal trading on Wednesday, July 22.
Sayona last entered a trading halt on March 9 regarding a capital raising announcement and requested a voluntary suspension a few days after that.
On March 12, a day after the voluntary suspension was announced, Sayona launched a renounceable rights issue in a bid to raise up to $4.3 million to boost its growth strategy in Canada.
Eligible shareholders who subscribed to the offer received one free attaching option for every two new shares subscribed for. The new options were priced at an exercise price of two cents each.
The company emerged from the suspension a day after the rights issue was launched and the rights began trading on the ASX on March 17.
The rights issue was initially planned to close on April 3 but was extended to April 22 due to market conditions brought on by COVID-19.
On April 30, Sayona announced that it had raised $2.6 million under the renounceable rights issue and despite being less than what was planned, the company believed it to be an excellent outcome due to the volatile market.
As a result, directors and management subscribed to the entitlement offer with Managing Director Brett Lynch and Québec CEO Guy Laliberté subscribing for an additional $400,000 from any shortfall.
Shares in Sayona last traded for 1.2 cents each on July 15.