The ASX-listed company in July launched the SPP with the aim of raising A$5-million; however, said on Monday that applications for the SPP had reached A$68-million.

The SPP was part of a larger A$50-million capital raise to fund the acquisition of North American Lithium (NAL), and to advance the Abitibi lithium hub, in Quebec, which also included a A$45-million oversubscribed share placement to institutional and sophisticated investors.

Sayona on Monday said that in recognition of the strong show of support by shareholders for the company's expansion strategy, the board had resolved to use its discretion to accept oversubscriptions, increasing the SPP to A$20-million.

MD Brett Lynch said the support shown by shareholders followed the successful placement, with both being oversubscribed owing to strong investor demand.

“We are delighted by the enormous vote of confidence we have received from shareholders, who have shown their support for our growth strategy by their significant investment in our company,” Lynch said.

“Similar to the placement, we have unfortunately been required to scale back applications and we have adopted a consistent approach to both. These funds will be invaluable in advancing our Abitibi lithium hub, including closing the acquisition of NAL and preparing for the next steps in our development into a world‐scale lithium producer in North America.”