Sayona Mining (ASX:SYA) is set to raise AU$40 million through an unconditional placement of about 1.25 billion shares at AU$0.032 apiece, according to a Thursday filing with the Australian bourse.
Upon the completion of an all-stock merger with Piedmont Lithium (ASX:PLL) to form lithium business MergeCo, the company is undertaking a conditional placement to Resource Capital Fund VIII to raise about AU$69 million through the issue of 2.16 billion new shares in MergeCo at the same price as the unconditional placement, the filing said.
The conditional placement will be subject to shareholder approval, according to the filing.
Sayona Mining shares fell nearly 8% in midday trade Thursday, while Piedmont Lithium shares fell almost 11%.
Price (AUD): $0.04, Change: $-0.003, Percent Change: -7.89%
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