viewPiedmont Lithium Ltd

Piedmont Lithium closes US offering and underwriters exercise over-allotment option to raise US$57.5 million

The company recently signed a binding agreement with Tesla Inc (NASDAQ:TSLA) for the supply of spodumene concentrate from the company's North Carolina deposit.

Piedmont Lithium Ltd -
The company holds a 100% interest in the Piedmont Lithium Project

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has closed a strongly supported US public offering to raise US$57.5 million or A$81.2 million which will support ongoing development of the company's Piedmont Lithium Project in the US. 

The company has issued more than 2.3 million American depository shares with each ADS representing 100 of its ordinary shares.

This US offering also included the full exercise of the underwriters’ option to purchase 300,000 additional ADSs to raise an additional US$7.5 million (A$10.6 million).

Aggregate proceeds of the public offering, before underwriting discounts and commissions, totalled US$57.5 million (A$81.2 million).

Funds to advance lithium project

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

Evercore ISI, Canaccord Genuity and ThinkEquity acted as joint book-runners for the public offering.

Loop Capital Markets and Roth Capital Partners acted as co-managers for the public offering.

Quick facts: Piedmont Lithium Ltd

Price: 0.375 AUD

Market: ASX
Market Cap: $519.49 m

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