Underwritten SPP Raises $1.5 Million
Brisbane, May 25, 2017 AEST (ABN Newswire) - Sayona Mining Limited (
ASX:SYA) (DMNXF:OTCMKTS) ("Sayona" or the "Company") is pleased to announce it has raised $1.5 million through an underwritten Share Purchase Plan ("SPP").
Highlights
- Strongly supported Share Purchase Plan raises $805,314
- Shortfall $694,686 placed with underwriter
- Sayona funded to advance the development of the Authier lithium project in Canada
- Drilling campaign on the Mallina lithium project in Western Australia to commence shortly
The Company received applications from existing shareholders under the SPP for $805,314 resulting in the allotment of 47,371,469 shares at a price of $0.017 per share. In accordance with the Listing Rules, the share price was calculated at a 20% discount of the 5-day Volume Weighted Average Price ("VWAP") of shares traded on the ASX prior to the date of issue.
In addition, Patersons have placed the shortfall of $694,686 on the same terms as the SPP shares. For full details of shares issued and final capital structure please refer to the attached Appendix 3B (see the link below).
Funds raised will be used to continue the development of the Authier project in Canada and to fund exploration activity on the Company's Australian lithium projects and working capital.
To view the Appendix 3B, please visit:
http://abnnewswire.net/lnk/6E840L1I
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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