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Piedmont Lithium halted as it plans US public offering

The consecutive trading halts will remain in place until October 26 or when an announcement is released.

Piedmont Lithium Ltd - Piedmont Lithium halted as it plans US public offering
The company proposes to raise funds through an offering of American Depositary Shares

Piedmont Lithium Ltd (ASX:PLL) is in a trading halt as it proposes to raise funds by way of a US public offering of the company’s American Depositary Shares (ADSs) and

The ASX has granted the company consecutive trading halts “to enable the offering to be conducted in an orderly manner”.

The halt will remain in effect until the start of normal trading on Monday, October 26, or when an announcement is released to the market.

Shares on the move

PLL has a market cap of approximately $508.3 million and shares last traded at 42 cents.

Shares have risen from 8.7 cents on September 9 to a new high of more than 17 years at 66 cents on October 8 on the back of improving lithium market fundamentals and a spodumene supply agreement with Tesla Inc (NASDAQ:TSLA) in late September.

Tesla agreement

The agreement is for an initial five-year term and covers spodumene concentrate from the company’s Piedmont project in North Carolina.

It is a fixed price binding purchase commitment from the delivery of first product and covers a fixed commitment representing around 33% of the company’s planned annual spodumene production of 160,000 tonnes.

This arrangement may also be extended by mutual agreement for a second five-year term.

Quick facts: Piedmont Lithium Ltd

Price: 0.375 AUD

ASX:PLL
Market: ASX
Market Cap: $519.49 m
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