Pricing is at 3.2c, with the stock trading at 0.8c late last year.
The underwriter is Canaccord Genuity, with Sayona's major shareholder, Piedmont, reportedly set to take up its full entitlement.
Sayona said the fund raising would assist its Quebec lithium expansion, including its bid for North American Lithium and its advancement of its flagship Authier lithium project in Quebec.
Sayona joins ASX-listed North America-focused lithium-types such Piedmont and Jindalee in raising cash this month, with other lithium-leveraged names on the Australian market such as Infinity Lithium and Core Lithium also undertaking substantial equity raisings in recent times.
Shares in Sayona were down 5% to 3.7c in morning trade, capitalising the company at $140 million.
The stock reached a 12-mnth high of 5.6c earlier this year.
