Brisbane, Australia, Mar 17, 2020 - (ABN Newswire) - Emerging lithium miner Sayona Mining Limited ((ASX:SYA.AX - News) (HAM:DML.HM - News) (OTCMKTS:DMNXF - News) announced today the commencement of trading of rights subject to the Company's Renounceable Rights Issue, as announced on 12 March 2020.
The rights have commenced trading under the ASX code of SYARC. Under the Rights Issue timetable, rights trading will cease on 27 March 2020.
Sayona launched on 12 March a Renounceable Rights Issue to raise up to AUD$4.3 million before costs, with the funding to support the Company's growth plans in Quebec, Canada as it advances its bid for North American Lithium.
Directors and management have demonstrated their confidence in Sayona's growth strategy by supporting the fund raising, agreeing to subscribe for AUD$420,000 of their entitlement under the offer.
Sayona's Managing Director, Brett Lynch and Sayona Quebec CEO, Guy Laliberte, have also committed to subscribe for an additional AUD$400,000 from any shortfall. The issue is partially underwritten to AUD$1.5 million by leading investment advisory firm Mahe Capital Pty Ltd.
For more information, please refer to the ASX announcements and Rights Issue Prospectus released on 12 March 2020.
About Sayona Mining Ltd:
Sayona Mining Limited (ASX:SYA.AX - News) (OTCMKTS:DMNXF - News) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.
Please visit us as at www.sayonamining.com.au
Phone: +61 (7) 3369 7058
Sayona Mining Ltd
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