Sayona Mining (ASX:SYA) has opted to sell its shareholding in Canada’s Troilus Gold Corp (TSX:TLG) at C$0.63 per share in a C$12.3 million block trade via Desjardins Capital Markets.
Sayona Interim CEO James Brown says the company’s decision to offload its Troilus shares aligns with the development and production of its Quebec lithium assets at Moblan and North American Lithium.
“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,” he says.
Sayona, which has a $349.97 million market capitalisation, currently holds 19.2 million shares of Troilus. Following the trade, as well as some smaller public market share sales, Sayona will no longer hold any shares in Troilus.
The company 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 landholdings.
Shares were acquired on a non-brokered private placement basis at an average price of C$0.49 per share. As such, Sayona will record a capital gain on the transaction.
Sayona Mining has assembled two lithium hubs in Quebec and also holds a ‘large’ portfolio of tenements prospective for gold and lithium in Western Australia’s Pilbara region.
Write to Adam Drought at Mining.com.au
Images: Sayona Mining
