Sayona (ASX:SYA) closes 16% strong today, here’s why

Australian mineral explorer Sayona Mining Limited (ASX:SYA) shares skyrocketed on the ASX on Monday (8 August 2022). The stock closed at AU$0.237 per share after rocketing 16.666%.

The company did not share any important announcement on the ASX today. This share price gain could be a result of any previous announcement shared by Sayona or the upbeat performance of benchmark index 

Recent developments within Sayona: 

On 5 August, Sayona announced that it has agreed with Acuity Capital to extend and increase the size of its At-the-Market subscription agreement. As a result, the expiry date has now been shifted to 31 July 2025, and the ATM facility limit has now been increased to AU$200 million. This could be one of the reasons for Sayona’s share price push on the ASX today. 

In one of its previously shared announcements, Sayona had revealed that its ATM provided up to AU$50 million of standby equity capital which was supposed to get expired on 31 July 2023. 

However, recently Sayona and Acuity Capital entered into an agreement that would allow Sayona to extend its ATM expiry date and increase the ATM facility limit to AU$200 million. This will, in turn, let Sayona to better reflect its increased market capitalisation. 

To date, Sayona has utilised a total of AU$6,45,000 of the ATM raise. Furthermore, AU$193.55 million of capital is available to Sayona under ATM after its limit increases. 

Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) closed 1.832% stronger at 16,015.4 points on the ASX today.

Sayona’s share price performance on the ASX: 

Over last 12 months, Sayona’s share price has significantly gained over 122% on the ASX. Meanwhile, Sayona’s year-to-date share price has gained by 75% on the ASX. In last six months, Sayona’s share price gained over 88% on the ASX (as of 4:10 PM AEST, 8 July 2022).