Proactive Investors - Run By Investors For Investors

Sayona Mining secures funding as it closes rights issue

The company can raise an extra $2.77 million by placing the shortfall within three months.
speech bubble that says funding
The company's flagship asset is the 100% owned Authier Lithium Project in Quebec

Sayona Mining Ltd (ASX:SYA) received applications in its recently closed 1:22 rights issue for $1.146 million worth of shares.

The renounceable rights issue closed last Thursday and Sayona is now able to issue up to 54.47 million shares as part of the shortfall.

The company has up until 24 August 2018 to place these shares at 5.1 cents each.

READ: Sayona Mining finalises lithium processing flow sheet after completing pilot program

Last week, Sayona also completed the operation of its pilot plant program in Canada in preparation for completion of a definitive feasibility study (DFS).

Feed samples for the pilot plant were taken from the company’s flagship 100% owned Authier Lithium Project in Quebec, Canada.

The objectives of the piloting program were to produce a 6% lithium oxide concentrate at recoveries of greater than 80% using feed samples that represented potential future mining material.

Work continues towards DFS completion

The optimised pilot flow sheet was able to achieve a concentrate grading 6.0% lithium oxide at a 79% recovery.

The pilot program has confirmed the final process flow sheet and operating parameters for the DFS which is expected to be completed late in the June quarter.

Further testing will continue over the next six months targeting further optimisation and improvements to the flow sheet and operating parameters.

View full SYA profile View Profile

Sayona Mining Ltd Timeline

Related Articles

1551788790_shutterstock_249210421-(1).jpg
March 05 2019
The deal transforms Royal Road into a major player in one of the world's most prospective gold districts
1540886089_DJI_0816_resized.jpg
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month
mineral sands
June 27 2019
Dundas currently has a resource estimate of 117mln tonnes at 6.1% ilmenite in-situ.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use