(Reuters) - Australian lithium producer Sayona Mining said on Monday it raised A$100 million ($72.5 million) through a share issue to fund the acquisition of the Moblan Lithium Project in Quebec, Canada.
Lithium miners are racing to raise money and expand projects, with global demand for the electric-vehicle battery metal set to soar in the coming decade as more countries move to electrify transportation and cut carbon emissions.
Sayona, which operates in Western Australia and Quebec, said nGLF5dF8Dl it would undertake an additional nonrenounceable rights issue to raise up to A$25.5 million for all its shareholders.
“The Moblan acquisition represents a significant growth opportunity as we build a new lithium base in Northern Qubec, adding to our existing Abitibi lithium hub,” said Brett Lynch, Manging Director, Sayona Mining.
Last Thursday, the lithium producer said it would acquire Canada-based Lithium Royalty Corp’s right to purchase a 60% stake in the Moblan project from Guo Ao Lithium for $86.5 million.