Sayona Mining Limited (ASX:SYA) announced that it is expanding its northern lithium hub in Québec, subsequent signing a deal with Troilus Gold Corp. (TSX: TLG) regarding an essential exploration package located near the Moblan Lithium Project (SYA 60%; SOQUEM 40%).
As per the agreement, the company’s Canadian subsidiary Sayona Inc. will acquire a 100% interest in 1,824 claims covering 985 km2, located near the Moblan project covering 4.3 km2 and extending over a significant part of the Frotêtâ€Evans Greenstone Belt.
Sayona is paying C$40 million worth of SYA stock as consideration for the claims to be acquired. Along with the claims acquisition, Sayona has agreed to subscribe for ~C$4.8 million worth of common shares of Troilus on a nonâ€brokered private placement basis, bringing Sayona’s investment in Troilus to around 9.26%. Troilus will also receive a 2% net smelter return royalty on all mineral products from the acquired claims.
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