Share Purchase Plan Extension
Brisbane, May 10, 2017 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DMNXF:OTCMKTS) ("Sayona" or the "Company") advises that Directors have resolved to extend the offer of shares under the Shareholder Share Purchase Plan (SPP) lodged with ASX on 21 April 2017.
The SPP provides eligible shareholders with the opportunity to apply for parcels of new shares in Sayona valued between $500 and $15,000.
Revised Timetable
---------------------------------------------------------------------Event DateClosing Date 17 May 2017Issue Date of new Shares and Dispatch of Holding Statements 22 May 2017New Shares commence trading on ASX 23 May 2017 ---------------------------------------------------------------------
The Company is pleased with acceptances to date but believe it is in the best interests of shareholders to extend the offer. The SPP is underwritten to the amount of $1,500,000 by Patersons Securities Limited, subject to standard terms and conditions.
Funds raised under the Plan will be used to accelerate the development of the Authier project in Canada; to fund exploration activity on the Company's Australian lithium projects and working capital.
The proposed use of the funds raised under the SPP is as follows:
- to accelerate the development of the Company's Authier lithium project in Canada;
- to fund exploration activity on the Company's Australian lithium projects;
- to provide general working capital; and
- for corporate costs and the costs of the issue.
Authier Work programs will be focused on enhancing the value of the project, including:
- Resource upgrade following the completion of the Phase 2 drilling program;
- Geotechnical and hydrogeological programs to improve the pit wall slopes and reduce the life-of-mine waste movement;
- Further metallurgical testing to optimise recoveries and concentrate grades;
- Updating the February 2017 Pre-Feasibility Study and Ore Reserve;
- Studying the potential for producing value-added lithium carbonate and/or hydroxide; and
- Continuation of the environmental and mining lease work programs.
In addition, the Company is progressing its Mallina project in the world-class Pilgangoora lithium district in Western Australia, where mapping and sampling programs have outlined a number of prospective lithium targets.
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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