The Sayona (ASX:SYA) share price is tumbling 5% today

The Sayona Mining Ltd (ASX: SYA) share price is tumbling today following the launch of a renounceable rights issue. In late afternoon trade, the emerging lithium miner’s shares are swapping hands for 3.7 cents, down 5.1%.

What did Sayona announce?

Investors are offloading the Sayona share price after the company announced a rights issue that will dilute shareholdings.

According to its release, Sayona advised it has launched a renounceable rights issue to raise up to $20.4 million before costs. The 1-for-6 offer will be available to all eligible shareholders with a registered address in Australia and New Zealand.

The company has determined the issue price to be 3.2 cents per share, representing a 10.5% discount on the 30-day…