Proactive Investors - Run By Investors For Investors

Piedmont Lithium secures $12.2 million in placement

Positively, the placement was oversubscribed and upsized from initial levels.
highway sign that reads Funding next exit
Board and management are subscribing for 3.4 million shares in the placement

Piedmont Lithium Ltd (ASX:PLL) has secured commitments for $12.2 million as part of a share placement priced at 11 cents to institutional and sophisticated investors.

Funds will be used for exploration and infill drilling to expand and upgrade the resource base at the 100%-owned Piedmont Lithium Project in the world-class Carolina Tin-Spodumene Belt in the US.

It will also fund permit applications, pilot-scale metallurgy, additional engineering studies, and ongoing land consolidation.

READ: Piedmont Lithium reveals new high-grade lithium hits in North Carolina

Piedmont’s president and CEO Keith Phillips said: “We are pleased with the strong support received for the placement, which was oversubscribed and upsized from initial levels.

“It is gratifying to see some long-term supporters and my fellow directors participating based on their strong confidence in the quality of our project and the prospects for our company.

“We have an exciting year ahead and securing these funds will allow us to maintain our ambitious development timetable for what we believe to be the world’s most strategically located lithium project.”

Directors and management plan to participate in placement

Notably, officers and directors of Piedmont plan to participate in the placement by subscribing for a total of 3.4 million shares, subject to the necessary approvals.

This is a vote of confidence from directors and management as they further align themselves with shareholders.

READ: Piedmont Lithium brings on-board lithium industry veteran

Piedmont recently appointed Timothy McKenna as an advisor to assist with government and public relations in relation to the Piedmont Lithium Project.

McKenna has over 35 years’ experience in government and public relations roles including as vice president of Rockwood Holdings, Inc. in government and investor relations.

View full PLL profile View Profile

Piedmont Lithium Ltd Timeline

Related Articles

1531391169_Kincora---team-overlooking.jpg
July 12 2018
Series of off-market transactions have seen a 28.7% interest and strategic position in Mongolian copper-gold explorer Kincora transition from weak to strong hands, strengthening its existing exploration and expansion strategy. Despite significant uncertainty and shareholder overhang removed following new cornerstone investor Kincora’s share price has not re-rated – yet.
wedding rings
February 05 2019
Alba holds 11.765% of the Horse Hill project near Gatwick Airport in the UK’s Weald basin
Thomas Creek porphyry target
February 07 2019
The company is focused on copper, cobalt, gold and nickel prospects on Tasmania's west coast.
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use