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Piedmont Lithium raises A$70 million to drive US lithium project towards production

Proceeds will be used to continue development of the company’s Piedmont Lithium Project, including definitive feasibility study, test-work, permitting, further exploration drilling and ongoing land consolidation.

Piedmont Lithium Ltd - Piedmont Lithium raises A$70 million to develop American lithium project
The ADSs are expected to be issued on October 23 2020

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has completed an underwritten US public offering of 2 million of its American Depositary Shares (ADS) each representing 100 of its ordinary shares at an issue price of US$25 per ADS for gross proceeds of US$50 million (A$70.6 million).

Proceeds from the offerings will be used to continue development of the company’s Piedmont Lithium Project in the Carolina Tin-Spodumene Belt in the US, including the definitive feasibility study.

Funds will also be used for test-work, permitting, further exploration drilling and ongoing land consolidation, as well as for general corporate purposes.

Discount to VWAP

The issue price of US$25 (A$0.353) per ADS represents a 13% discount to the 20-day VWAP on the ASX of A$0.406.

The ADSs are expected to be issued on October 23, 2020.

Underwriters option

Evercore ISI, Canaccord Genuity and ThinkEquity, a division of Fordham Financial Management Inc, acted as joint book-runners for the offering while Loop Capital Markets and Roth Capital Partners are acting as co-managers.

Piedmont has agreed to grant the underwriters a 30-day option to purchase up to an additional 300,000 ADSs at the issue price of the offering.

The offering is being made pursuant to an effective shelf registration statement that has been filed with the US Securities and Exchange Commission (SEC).

Quick facts: Piedmont Lithium Ltd

Price: 0.355 AUD

ASX:PLL
Market: ASX
Market Cap: $491.78 m
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