Sayona Mining (ASX:SYA) has entered into a subscription agreement with PearTree Securities for the issuance of 174,459,177 shares at $0.315 per share, for aggregate gross proceeds of $54.9M.
Sayona Mining says the funding will help advance exploration efforts while the company continues to progress the restart of its North American Lithium operation, together with its other growth projects in Quebec, including its emerging northern lithium hub.
Its Managing Director, Brett Lynch says the company has made significant progress in developing the leading hard rock lithium resource base, progressing from explorer to producer:
"This funding will provide an added boost to our expansion plans, with the FTS (flow-through-shares) provisions allowing us to raise capital at a premium to the current share price, thereby minimising dilution for the benefit of our shareholders."