PADDINGTON: Emerging lithium miner Sayona Mining Limited has announced support from a new U.S. investor, amid an upturn in the lithium sector and increasing momentum concerning the Company’s bid for the North American Lithium mine in Quebec, Canada.

Under an agreement with Obsidian Global GP, LLC, a New York-based investment firm, Sayona has secured a facility of up to $2.75 million, with an initial tranche of $1 million of convertible notes. The funds will be used to support the Company’s bid for the North American Lithium (NAL) mine, advancing its flagship Authier Lithium Project and other key projects, together with providing essential working capital.

The new investment follows an upturn in the lithium sector since the start of 2020 and as Sayona builds momentum in its bid for the NAL mine, which it aims to make the centrepiece of a lithium hub comprising a concentrator supplied by two or potentially three orebodies.

Sayona has also gained increased stakeholder support for its emerging Authier project, as evidenced by the signing of an agreement with First Nation Abitibiwinni (refer ASX announcement 13 December 2019).

Welcoming the new investment, Sayona’s Managing Director, Brett Lynch said: “We are delighted to welcome Obsidian Global as a new investor at this crucial stage in the Company’s development.

Edited by Nayyar Iqbal