AFR: Sayona Mining raising $190m


Listed lithium explorer Sayona Mining was asking investors for $190 million on Wednesday morning for its Canadian projects, including restarting its North American Lithium that it owns with Piedmont Lithium.

The offer was priced at 18¢ a share, a 12.2 per cent discount to the last close and 28.2 per cent discount to the ten-day volume weighted average price.

There was room for oversubscriptions, according to the term sheet sent to potential investors.

Sayona would use the funds to restart the North American Lithium project, which it acquired last year in 75-25 partnership with listed counterpart Piedmont Lithium. (Piedmont also owns 16.58 per cent of Sayona.)

The raise would also fund development at its Authier mine, exploration and studies at Moblan project, and assessment of downstream processing alternatives. All of them are located in Canada’s Quebec.

Petra Capital and Canaccord Genuity were the joint lead managers and joint book runners on the placement.

Bids were due 5pm Wednesday.

Sayona Mining had $20 million cash and no debt at March end. It had a $1.47 billion market capitalisation before the raise.

Source: The Australian Financial Review