The private placement was completed following shareholder approval at a general meeting on July 31, 2020.
This placement follows the company’s recent US public offering of 2,065,000 of its American depositary shares (ADS), each representing 100 of its ordinary shares to raise gross proceeds of US$13 million (~A$18.6 million), which was completed on June 12, 2020.
Proceeds from the capital raisings will be used to continue development of the company’s Piedmont Lithium Project, including a definitive feasibility study, test-work, permitting and ongoing land consolidation, and for general corporate purposes.
Piedmont Lithium Project is within the Carolina Tin-Spodumene Belt (TSB), around 25 miles west of Charlotte, North Carolina.
The TSB is considered one of the largest lithium provinces in the world and is along trend from the Hallman Beam and Kings Mountain mines which historically provided most of the western world’s lithium between the 1950s and 1980s.
PLL believes it’s a premier location for the development of an integrated lithium business based on its favourable geology, spodumene-only minerology, proven metallurgy and easy access to infrastructure, power, R&D centres for lithium and battery storage major high-tech population centres and downstream lithium processing facilities.