- Sayona Mining (SYA) has successfully raised $100 million for its purchase of the Moblan Lithium Project in Northern Québec
- The company issued over 689 million at 14.5 cents per new share, representing a 17.1 per cent discount to the last closing price
- Additionally, Sayona will undertake a further $25.5 million one for 35 non-renounceable rights issue at the same offer price as the placement
- Sayona is trading 1.43 per cent up at 17.8 cents per share at 11:24 am AEST
Investors in Sayona Mining (SYA) have backed its decision in buying a majority interest in the Moblan Lithium Project in Northern Québec.
The company has completed a $100 million placement to support the acquisition.
Under the placement, the company issued more than 689 million at 14.5 cents per new share, representing a 17.1 per cent discount to the last closing price.
Additionally, Sayona will undertake a further $25.5 million one for 35 non-renounceable rights issue at the same offer price as the placement.
Managing Director Brett Lynch is pleased with the raise and has thanked investors for “continuing to back Sayona’s expansion in Québec”.
“The Moblan acquisition represents a significant growth opportunity as we build a new lithium base in Northern Québec, adding to our existing Abitibi lithium hub. This is important as demand for lithium from North America continues to accelerate, as highlighted by Ford’s recent US$11.4 billion (around A$15.66 billion) dollar battery investment on top of its US$30 billion (about A$41.22 billion) investment in EVs,” he said.
“Ford’s demand alone has the potential to exceed projected supply from all current North American projects in production by 2030. Sayona wants to be at forefront in supplying this demand and now has both the means and the
partners to make this happen.”
Sayona was trading 1.43 per cent up at 17.8 cents per share at 11:24 am AEST.