Total
0
Shares
Piedmont Lithium (ASX:PLL) - President & CEO, Keith D Phillips - The Market Herald
President & CEO, Keith D Phillips
Source: Metals Investor Forum
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

PLL by the numbers
More From The Market Herald
Challenger Exploration (ASX:CEL) reports high grade gold recoveries at Hualilan Gold Project

" Sunshine Gold (ASX:SHN) hits new targets at Dreghorn

Sunshine Gold (SHN) has generated new targets from high-grade soil assays at its Dreghorn prospect at Ravenswood West in Queensland.
Archer Materials (ASX:AXE) - CEO, Mohammad Choucair (left) - The Market Herald

" Archer Materials (ASX:AXE) sells off Eyre Peninsula tenements

Archer Materials (AXE) has completed the sale of its Wadikkee and Carappee Hill tenements on South Australia’s Eyre Peninsula to ASX-hopeful NextGen Materials.

" Albion Resources (ASX:ALB) confirms visible zinc-lead mineralisation at Lennards Shelf

Albion Resources (ALB) has confirmed visible zinc and lead mineralisation at its Lennards Shelf Zinc-Lead Project at Fitzroy Crossing in Western Australia.
Renergen (ASX:RLT) - Managing Director and CEO, Stefano Marani - The Market Herald

" Renergen (ASX:RLT) intersects gas-bearing fracture at R2D2 well

Renergen (RLT) has intersected the target gas-bearing fracture system, close to prognosis, at the R2D2 well within the Virginia Gas Project in South