Sale of Troilus Gold Corp Shares
Brisbane, April 19, 2024 AEST (ABN Newswire) - North American lithium producer Sayona Mining Limited (
ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS) announced the sale of its shareholding in Troilus Gold Corp (Troilus) (TSE:TLG) which has further strengthened Sayona's balance sheet.
The Company has agreed to sell 19.2 million shares of Troilus for C$0.63 Canadian Dollars ("C$") per share through a block trade via Desjardins Capital Markets. The sale will result in gross proceeds of approximately A$13.7 million for Sayona. Following the block trade and some smaller recent public market share sales, Sayona will no longer hold any shares of Troilus.
Sayona first acquired shares in Troilus at the end of 2022, in relation to the purchase of a material tenement position near the Moblan Lithium Project which added nearly 1,000km2 of prospective land holdings. The shares were acquired on a non-brokered private placement basis at an average price of C$0.49 per share and as such Sayona will recognise a modest capital gain on this transaction.
The decision to sell the Troilus shareholding underscores the Company's commitment to focus on development of the emerging Tier 1 lithium project at Moblan and the continuing ramp up of production at North American Lithium.
Sayona's Interim CEO, James Brown, said: "The sale of the Troilus shares is totally aligned with our commitment to maximise value for shareholders through the development and production of our Quebec lithium assets at Moblan and NAL. The original investment in Troilus helped facilitate the acquisition of a significant exploration package adjacent to Moblan in the Eeyou Istchee James Bay Hub and having served that purpose it is prudent to recycle the capital for other uses."
About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is a dual-listed lithium producer and developer, supplying a reliable, secure and sustainable source of this critical mineral at the heart of global electrification.
Headquartered in Brisbane, Australia, Elevra has a globally diversified portfolio of world-class lithium assets across Quebec, North Carolina, Ghana, and Western Australia. Elevra was formed through the merger of Piedmont Lithium and Sayona Mining.
By combining operational excellence with disciplined asset management, we strive to maximise efficiency, drive superior shareholder value, and create lasting benefits for all stakeholders.
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