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Piedmont Lithium gains new substantial holder in Fidelity International

The Piedmont Lithium Project will include a lithium hydroxide chemical plant supplied with spodumene concentrate from an open pit mine and concentrator.

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Piedmont Lithium is an emerging lithium chemicals company focused on North Carolina

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has a new substantial holder in Fidelity International (FIL) which now holds 74 million shares for a 9.08% stake in the US lithium pre-developer.

The worldwide investment firm became a substantial holder on Wednesday, July 10, 2019, after participating in Piedmont Lithium's A$21 million placement.

PLL securities are trading at A$0.14.

READ: Piedmont Lithium completes capital raising, updated scoping study expected soon

Earlier this month the company received A$21 million for the issue of 145 million shares priced at A14.5 cents to institutional investors.

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

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

As well as Fidelity, Piedmont’s largest shareholder, AustralianSuper, the largest industry super fund in Australia, also increased its investment through the placement.

PLL recently revealed a major JORC resource update for its flagship project within the world-class Carolina Tin-Spodumene Belt.

The global resource for the 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.

Quick facts: Piedmont Lithium Ltd

Price: 0.1125 AUD

ASX:PLL
Market: ASX
Market Cap: $75.02 m
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