Piedmont Lithium Ltd's (ASX:PLL) chief executive officer, Keith Phillips, has demonstrated his confidence in the company’s U.S lithium strategy by increasing his direct stake with the purchase of 2,000 American depository receipts (ADRs) on-market.
The ADRs represent 200,000 shares and had a consideration of US$28,038.
Phillips’ direct holding is now 600,000 shares and 2500 ADRs.
Piedmont Lithium’s ADRs have only recently commenced trading on the OTC Market as a member of the Nasdaq International Designation under code PLLLY.
In November Phillips purchased 50,000 shares and 500 ADRs on market with a total value of $19,479.
Piedmont recently increased its lithium mineral rights by 188 acres through additional land option and acquisition agreements in the Carolina Tin-Spodumene Belt in the U.S.
The Piedmont Lithium Project now encompasses 903 acres within the belt, representing a 118% increase from its initial landholding as at September 2016.
First mover advantage
Piedmont is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region.