Sayona Mining Ltd (SYAXF)

[TradingCharts]

SALE OF TROILUS GOLD CORP SHARES
? Sayona has sold 19,213,000 shares in Troilus Gold Corp (TSX:TLG) at C$0.63 per
share in a block trade via Desjardins Capital Markets
? Gross proceeds realised of approximately C$12.1m (A$13.7m)
? Proceeds redeployed to the development of the Moblan Lithium Project and ramp-up
of North American Lithium (NAL)
North American lithium producer Sayona Mining Limited (“Sayona”) (ASX:SYA;
OTCQB:SYAXF) today announced the sale of its shareholding in Troilus Gold Corp (Troilus)
(TSX: TLG) which has further strengthened Sayona’s balance sheet.
The Company has agreed to sell 19.2 million shares of Troilus for C$0.63 Canadian Dollars (“C$”)
per share through a block trade via Desjardins Capital Markets. The sale will result in gross
proceeds of approximately A$13.7 million for Sayona. [color=redgreen
smaller recent public market share sales, Sayona will no longer hold any shares of Troilus.
Sayona first acquired shares in Troilus at the end of 2022, in relation to the purchase of a
material tenement position near the Moblan Lithium Project which added nearly 1,000km2
of
prospective land holdings. The shares were acquired on a non-brokered private placement basis
at an average price of C$0.49 per share and as such Sayona will recognise a modest capital
gain on this transaction.
The decision to sell the Troilus shareholding underscores the Company’s commitment to focus
on development of the emerging Tier 1 lithium project at Moblan and the continuing ramp up of
production at North American Lithium. [/color]
Sayona’s Interim CEO, James Brown, said: “The sale of the Troilus shares is totally aligned with
our commitment to maximise value for shareholders through the development and production of
our Quebec lithium assets at Moblan and NAL. The original investment in Troilus helped facilitate
the acquisition of a significant exploration package adjacent to Moblan in the Eeyou Istchee
James Bay Hub and having served that purpose it is prudent to recycle the capital for other uses.”
https://clients3.weblink.com.au/pdf/SYA/02797319.pdf