AustralianSuper has raised its stake by participating in Piedmont’s recent share placement, buying about 45 million shares at 11 cents each for a total consideration of about $5 million.
Piedmont has raised a total of $12.2 million from the share placement to institutional and sophisticated investors.
Funds will be used for exploration and infill drilling to expand and upgrade the resource base at the 100%-owned Piedmont Lithium Project in the world-class Carolina Tin-Spodumene Belt in the US.
It will also fund permit applications, pilot-scale metallurgy, additional engineering studies and ongoing land consolidation.
Piedmont president and CEO Keith Phillips recently said: “We are pleased with the strong support received for the placement, which was oversubscribed and upsized from initial levels.
“It is gratifying to see some long-term supporters and my fellow directors participating based on their strong confidence in the quality of our project and the prospects for our company.
“We have an exciting year ahead and securing these funds will allow us to maintain our ambitious development timetable for what we believe to be the world’s most strategically located lithium project.”