Sayona Mining Ltd: Option Underwriting Agreement Secures New Funds
12.12.2016 | ABN Newswire
Brisbane - Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:DMNXF) ("Sayona" or the "Company") announces that it has executed an option underwriting agreement for $450,000 in respect of its listed 3 cent options expiring on the 30 December 2016 ("Options").The Company is pleased to have secured an early commitment to the Option exercise proceeds and is in discussions with several other parties to increase the underwritten commitments to the Options.
The proceeds of the underwriting, together with existing cash reserves, will be used to accelerate the development of the Authier project, including the planned drilling program for early 2017.
The underwriting agreement has been entered into with SMSF Specialists (SA) Pty Ltd and provides that the Underwriter will underwrite the exercise of $450,000 of Options, by subscribing for shares in Sayona at 3 cents each (the same terms as the Options that are not exercised) following the expiry of the Options on the 30 December 2016. The agreement provides for the payment of an underwriting fee of 6% of the value of the underwritten amount.
About Sayona Mining Ltd:
Sayona Mining Ltd. (ASX:SYA) is a 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. Please visit us as at www.sayonamining.com.au
Contact:
Corey Nolan Chief Executive Officer
Phone: +61-7-3369-7058
Email: info@sayonamining.com.au
www.sayonamining.com.au