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Piedmont Lithium directors demonstrate faith in development strategy through placement participation

Proceeds from the recent capital raisings will help fund development work, including a DFS, for the Piedmont Lithium Project in North Carolina, USA.

Piedmont Lithium Ltd - Piedmont Lithium directors demonstrate faith in the company’s strategy through participation in placement
The Piedmont Lithium Project is within the Carolina Tin-Spodumene Belt (TSB), around 25 miles west of Charlotte, North Carolina.

Piedmont Lithium Ltd (ASX:PLL) directors have demonstrated their faith in the company’s lithium development strategy through participating in a placement after receiving shareholder approval.

Non-executive chairman Ian Middlemas acquired more than 2.09 million shares valued at A$188,182 on August 7, increasing the total number of securities held in an indirect interest to 24 million.

Managing director and CEO Keith Phillips acquired 500,000 shares on August 6 valued at A$45,000, increasing the total number of ordinary shares held in a direct interest to 2.6 million along with 8,100 ADSs, representing 810,000 ordinary shares.

A$23.8 million capital raising

The company recently completed a placement of 120 million shares to non-US institutional and sophisticated shareholders for gross proceeds of A$10.8 million.

This private placement was completed following shareholder approval at a general meeting on July 31, 2020.

The placement follows the company’s recent US public offering of 2.065 million of its American Depositary Shares (ADS), each representing 100 of its ordinary shares to raise gross proceeds of US$13 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.

Quick facts: Piedmont Lithium Ltd

Price: 0.305 AUD

ASX:PLL
Market: ASX
Market Cap: $352.37 m
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