Sayona Mining Ltd: Controlled Placement Agreement
30.10.2019 | ABN Newswire
Brisbane, Australia - Emerging lithium miner Sayona Mining Ltd. (ASX:SYA) (FRA:DML) (OTCMKTS:DMNXF) announced today that it entered into a Controlled Placement Agreement (CPA) with Acuity Capital.The CPA provides Sayona with up to $3 million of standby equity capital over the period to 31 January 2022. Importantly, Sayona retains full control of all aspects of the placement process, having sole discretion as to whether or not to utilise the CPA, the quantum of issued shares, the minimum issue price of shares and the timing of each placement tranche (if any).
There are no requirements on Sayona to utilise the CPA and it may terminate the CPA at any time, without cost or penalty. Acuity Capital and the CPA do not place any restrictions at any time on Sayona raising capital through other methods. If Sayona does decide to utilise the CPA, it is able to set a floor price (at its sole discretion) and the final issue price will be calculated as the greater of that floor price set by Sayona and a 10% discount to a Volume Weighted Average Price (VWAP) over a period of Sayona's choosing (again at its sole discretion).
As collateral for the CPA, Sayona has agreed to place 95m shares from its LR7.1 capacity, at nil consideration to Acuity Capital (Collateral Shares) but may, at any time, cancel the CPA and buy back the Collateral Shares for no consideration (subject to shareholder approval).
About Sayona Mining Ltd:
Sayona Mining Ltd. (ASX:SYA) (OTCMKTS:DMNXF) 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
Source:
Sayona Mining Ltd.
Contact:
Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: info@sayonamining.com.au