Sayona Mining Limited (ASX:SYA) announced that it is expanding its northern lithium hub in Québec, by signing an agreement with Troilus Gold Corp. concerning an essential exploration package situated near the Moblan Lithium Project (SYA 60%; SOQUEM 40%).
Sayona will pay C$40 million worth of SYA stock as consideration for the claims to be acquired. Along with acquiring the claims, Sayona has agreed to subscribe for approximately C$4.8 million worth of common shares of Troilus on a nonâ€brokered private placement basis, bringing Sayona’s investment in Troilus to about 9.26%. Troilus will also receive a 2% net smelter return royalty on all mineral products from the acquired claims.
In this agreement, the company’s Canadian subsidiary Sayona Inc. will buy a 100% interest in 1,824 claims covering 985 square kilometers, situated near the Moblan project covering 4.3 sq km and extending over a significant part of the Frotêtâ€Evans Greenstone Belt.
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