Sayona Mining (ASX:SYA) - Managing Director, Brett Lynch
Managing Director, Brett Lynch
Source: Sayona Mining
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sayona Mining (SYA) has acquired a 60 per cent stake in the Moblan Lithium Project in Québec after completing a successful capital raise
  • SYA raised $100 million through a placement to institutional investors, helping cover the US$86.5 million (A$116.44 million) cost of the acquisition
  • The business also plans to raise an extra $25.5 million via a rights issue for shareholders, with the extra money to help fund a drilling program at Moblan
  • SYA wants to expand the lithium resource, with a revised definitive feasibility study targeting an increase in spodumene production capacity being planned
  • Shares in Sayona Mining are trading 1.61 per cent in the green at 15.8 cents at 11:32 am AEDT

Sayona Mining (SYA) has acquired a 60 per cent stake in the Moblan Lithium Project in Québec after completing a successful capital raise.

The emerging lithium producer raised $100 million through a placement to institutional investors, helping cover the US$86.5 million (A$116.44 million) cost of the acquisition.

SYA also plans to raise an extra $25.5 million via a rights issue for shareholders, with new shares priced at 14.5 cents each – the same offer as the placement.

The Québec acquisition complements Sayona’s existing investment with Piedmont Lithium (PLL) in North American Lithium.

The company is planning an additional drilling program at Moblan next year to try and expand its lithium resource.

SYA also plans to undertake a revised definitive feasibility study targeting an increase in
its spodumene production capacity.

Sayona’s Managing Director Brett Lynch said the North American EV industry represented a strong investment opportunity.

“Moblan in northern Québec adds to our established Abitibi lithium hub as we build the leading lithium asset base in North America,” Mr Lynch said.

“This is an important step as this expansion in our lithium resource further strengthens our capacity and plans to move downstream into lithium hydroxide/carbonate production in Québec, capturing added value and ensuring the province plays a leading role in North America’s clean energy drive.”

Shares in Sayona Mining were trading 1.61 per cent in the green at 15.8 cents at 11:32 am AEDT.

SYA by the numbers
More From The Market Herald

" Santana Minerals (ASX:SMI) extends mineralisation at Bendigo-Ophir

Santana Minerals (ASX:SMI) has reported new gold intercepts at its Bendigo-Ophir project in New Zealand, extending…
The Market Herald Video

" Tesoro Gold (ASX:TSO) increases Ternera Deposit MRE

Tesoro Gold (ASX:TSO) has increased its mineral resource estimate for the Ternera Gold Deposit in Chile…
The Market Herald Video

" American West Metals (ASX:AW1) discovers new mineralised zone at West Desert

American West Metals (ASX:AW1) has confirmed a new mineralised zone from a diamond drill hole at…
The Market Herald Video

" Surefire Resources (ASX:SRN) shares soar on WA exploration plans

Surefire Resources (ASX:SRN) shares have surged almost 26 per cent after the company announced it was…