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Piedmont Lithium completes capital raising, updated scoping study expected soon

Investors in the recent placement included heavyweights Fidelity and AustralianSuper.
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PLL recently also upgraded the JORC resource for its flagship Piedmont Lithium Project

Piedmont Lithium Ltd (ASX:PLL) has now received $21 million for the issue of 145 million shares priced at 14.5 cents to institutional investors.

Proceed from the placement will be used to complete a definitive feasibility study (DFS) and continue development of the 100% owned Piedmont Lithium Project in North Carolina. US.

In the near term, the company expected to complete a detailed metallurgical test work program followed by an updated scoping study in the coming weeks.

READ: Piedmonth Lithium secures $21 million from Fidelity, AustralianSuper and other institutions

Global asset manager, Fidelity International, subscribed for 74 million shares meaning it will become a substantial shareholder in the company.

Piedmont’s largest shareholder, AustralianSuper, the largest industry super fund in Australia also increased its investment through the $21 million placement.

READ: Piedmont Lithium resource upgrade has project on track to be North America’s largest

In late June 2019, Piedmont revealed a major JORC resource update for its flagship Piedmont Lithium Project located within the world-class Carolina Tin-Spodumene Belt.

The global resource for the Piedmont project increased 47% to 27.9 million tonnes grading 1.11% lithium oxide for 309,000 tonnes of lithium oxide and 764,000 tonnes of lithium carbonate equivalent.

The majority of the project’s resource is located at the Core property, which was the subject of the resource update.

Notably, 74% of the Core property’s resource is within 100 metres of surface and 97% is within 150 metres of surface.

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