Highlights

• Sayona has received commitments to raise AU$190 million funding.
• The company has hired Salvatore Vitare as its new (CFO) as part of a restructured corporate structure.
• Anne Blier and Carl Corriveau have been named vice-presidents, environment and exploration, respectively.

Sayona Mining Limited (ASX:SYA) has received firm commitments to raise AU$190 million funding to restart spodumene concentrate production at its North American Lithium (NAL) facility in Québec; the company said in an ASX filing today (27 May 2022).

Simultaneously, the emerging lithium producer Sayona announced that it is bolstering its team to start the lithium production in Québec. For that, the company has appointed a new chief financial officer (CFO) as part of a restructured corporate structure that reflects the company's growth strategy. The mining firm has also made several other appointments.

On the back of the news, Sayona's shares were trading 2.44% higher today at AU$0.21 each on ASX at 3.15 PM AEST.

Details and usage of funding

Sayona has issued over one billion shares at AU$0.18 each. The new shares are planned to settle on Wednesday (1 June 2022), and to be issued and traded on the ASX on Thursday (2 June 2022).

The proceeds from the offering will be used to restart NAL, which is on track to produce its first spodumene concentrate in the first quarter of 2023.

NAL's technical and financial viability was demonstrated in a recent pre-feasibility study, which will serve as the foundation for the definitive feasibility study (DFS). The DFS, which will be released in the second half of the year, will look at a larger integrated NAL and Authier resource base and operation economics.

Also Read: SYA, CXO, PLS: Why are these ASX-listed lithium stocks in news?

Source: © Mrchan | Megapixl.com

CFO and other appointments

Sayona has hired Salvatore Vitare as its new CFO for Québec. As the company moves closer to starting spodumene (lithium) production in the first quarter of 2023, he will manage all financial activities.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 27 May 2022

Mr Vitale, a graduate of McGill and Concordia Universities, has more than two-and-a-half decades of strategic and operational financial experience with major companies such as Alliance Magnesium, BlackRock Metals, and Transforce Inc. He has extensive strategic and operational financial experience in mergers and acquisitions (M&A), capital raising, and streamlining operations.

Simultaneously, Anne Blier and Carl Corriveau have been named vice-presidents, environment, and exploration, respectively. Cindy Valence has been named chief sustainability officer apart from these two appointments.

In addition, Richard Saint-Jean was named general manager of NAL, among other personnel, to expedite the operation's resumption.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 27 May 2022

Update on Quebec project

Sayona's holdings in Québec include North American Lithium, the Authier Lithium Project, and the Tansim Lithium Project, all of which are backed by a strategic collaboration with American lithium producer Piedmont Lithium Inc (ASX:PLL). In addition, Sayona owns a 60% share in the Moblan Lithium Project in northern Québec.

Meanwhile, the company's northern Québec hub is picking up steam, with 288 drill holes planned for the summer and findings from the previous drilling programme of 38 holes expected in June.

Bottomline

Sayona is making progress toward becoming North America's first local spodumene producer to eventually move downstream to extract even more value from its growing lithium resource base.

These appointments are also part of a restructuring of Sayona Québec's corporate structure to reflect the company's progress toward production as well as its obligation as a sustainable and socially responsible company.

Also Read: Sayona Mining (ASX:SYA) share price in a trading halt, here's why