Sayona Mining raises AU$54.9 million to advance Quebec lithium projects

Sayona Mining Limited (ASX: SYA) has entered into a subscription agreement with PearTree Securities Inc to issue 174,459,177 shares at AU$0.315 per share for aggregate gross proceeds of AU$54.9 million under Canadian tax law's FTS provisions. Applying the FTS provisions greatly reduces the dilution of the issued capital.

The proceeds will be utilized to incur Canadian exploration costs (CEE) that qualify as "flowthrough critical mineral mining expenditures" under the Income Tax Act (Canada) by 31 December 2024. The funds obtained will be used for exploration and drilling at Sayona's Quebec properties, including accelerated follow-up drilling at key targets, prospecting, gravity, stripping, channel sampling, and CEE-eligible personnel.

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