Sayona MiningLtd. has completed duediligence and entered formal agreements to acquire 's lithium project inQuebec.

In May, both companies inked a legally-binding to allow Sayona to completeits due diligence for the acquisition of the project for C$4 million.

The transaction is expected to close July 21.

Meanwhile, Sayona Mining has received firm commitments for aA$4.2 million placement from investors of Bizzell Capital Partners Pty. Ltd.,according to a July 15 news release.

The company is offering 133,067,264 shares at 2.7 Australiancents each to raise about A$3.6 million. Subject to shareholders' approval, thecompany will issue another 22,222,222 shares at the same price to raise anadditional A$600,000, with 1 free attaching option for every 2 sharessubscribed.

In addition, the ASX-listed company has launched anaccelerated nonrenounceable 1-for-5 rights offer to raise A$2.9 million.

The company may issue up to 107,453,813 new shares and53,726,906 new options under the rights offer.

The offer is fully underwritten by Bizzell Capital, which isalso acting as lead manager for the issue and share placement.

The funds raised will be used to pay for the acquisition ofthe Authier project and for a feasibility study on Authier, as well as forexploration activities on the company's Australian projects, and foradministrative and working capital purposes.