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Piedmont Lithium (ASX:PLL) - President & CEO, Keith D Phillips - The Market Herald
President & CEO, Keith D Phillips
Source: Metals Investor Forum
  • Piedmont Lithium (PLL) has raised around $70 million in a U.S. public offering to continue developing its namesake project in Carolina, U.S.
  • PLL offered two million American depository shares (ADSs) at US$25 each (around A$35.23) to raise US$50 million (about A$70.45 million)
  • Each ADS represents 100 PLL ordinary shares
  • PLL will use the funds to progress its flagship project, including a definitive feasibility study, testwork, permitting and further exploration drilling
  • Piedmont Lithium closed Thursday's session 5.95 per cent lower at 39.5 cents per share

Piedmont Lithium (PLL) has raised around $70 million in a U.S. public offering to continue development of its namesake project in Carolina, U.S.

The offer

PLL offered two million American depository shares (ADSs) at US$25 each (around A$35.23) to raise US$50 million (~A$70.45 million).

Each ADS represents 100 PLL ordinary shares.

The issue price represents a 13 per cent discount to the 20-day volume-weighted average price of 40.6 cents.

Evercord ISI, Cannacord Genuity and ThinkEquity acted as joint bookrunners, while Loop Capital Markets and Roth Capital Partners acted as co-managers of the offering.

Piedmont has granted the underwriters a 30-day option to purchase up to a further 300,000 ADSs at the same price as the offer.

Next steps

PLL will use the funds to progress the Piedmont lithium project, including a definitive feasibility study, testwork, permitting and further exploration drilling.

The project has a mineral resource of 27.9 million tonnes at 1.11 per cent lithium oxide (Li2O) for 764,000 tonnes of contained lithium.

The resource can be exploited through shallow open pits, with 97 per cent of the contained Li2O within 150 metres of the surface.

Piedmont is looking to become the world's preeminent lithium supplier outside China.

With a mission statement that reads; "powering America's clean energy transition," the extra $70 million in funds will go a long way towards supporting that goal.

Piedmont Lithium closed Thursday's session 5.95 per cent lower at 39.5 cents per share.


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