Proactive Investors - Run By Investors For Investors

Piedmont Lithium completes first tranche of $12.2 million placement

A second tranche for $400,000 to company directors is subject to shareholder approval.
Adding coins to glass jars
Funds will be used to advance the company’s US lithium project

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has completed the first $11.8 million tranche of a placement to raise gross proceeds of $12.2 million.

The first tranche comprising 107.6 million shares to institutional and sophisticated investors has been completed today.

READ: Piedmont Lithium secures $12.2 million in placement

A second tranche comprising 3.4 million shares to company directors to raise gross proceeds of $400,000, will be issued subject to shareholder approval.

A notice of meeting will be sent to shareholders shortly.

Funding for infill drilling

Proceeds will be used for exploration and infill drilling aimed at expanding and upgrading the resource base at the Piedmont Lithium Project in the world-class Carolina Tin-Spodumene Belt (TSB) in the USA.

Funds will also assist in permit applications, pilot-scale metallurgy, additional engineering studies and ongoing land consolidation.

Nasdaq ticker change

Earlier this week Nasdaq approved a change of the ticker symbol for the company’s ADRs to PLL from PLLL.

This ticker will now be the same as that for the company’s ordinary shares trading on the ASX.

READ: Piedmont Lithium expands land position by 15%, drilling being planned

Piedmont recently increased its exploration land position by 184 acres to 1,383 acres at the Piedmont project in North Carolina.

These acquisitions include properties within the Carolina TSB (122 acres) and preferred locations for the company’s concentrator and mine infrastructure (49 acres).

the new acreage has significant potential to add to the current resource of 16.2 million tonnes grading 1.12% lithium oxide defined on the Core Property.

Recent drilling suggests mineralisation continues into the new acreage.

View full PLL profile View Profile

Piedmont Lithium Ltd Timeline

Related Articles

Archer quantum computing technology
As part of its advanced materials strategy, the company is progressing a graphite-to-graphene beneficiation strategy.
Core from Thackaringa
February 26 2019
The company has received positive results in large-scale metallurgical test work on ore samples collected from drilling.
January 21 2019
Analysts at SVS said they think Sunrise offers “a clearly defined strategy focused on generating near-term cash flow together with value-enhancing minerals discoveries”

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use