representative work

Troilus Completes $40 Million Assets Sale to Sayona Mining and $4.8 Million Private Placement


On November 17, 2022, Troilus Gold Corp., a Canadian-based junior mining company listed on the TSX, completed an asset sale of 1,824 claims located in Québec to a subsidiary of Sayona Mining Limited, an Australian lithium company listed on the ASX, in consideration of 184,331,797 million ordinary shares of Sayona issued at a price of C$0.217 per share, representing an aggregate value of C$40 million. As additional consideration, Troilus was granted a 2% net smelter returns royalty on all mineral products from the transferred claims.

Troilus issued a total of 9,883,163 common shares to Sayona on a private placement basis, at a price of C$0.49 per share for aggregate gross proceeds of approximately C$4.8 million.

Cassels acted for Troilus.

RELATED EXPERTISE: Securities | Mergers & Acquisitions | Mining