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Piedmont Lithium completes first tranche of $12.2 million placement

A second tranche for $400,000 to company directors is subject to shareholder approval.
Adding coins to glass jars
Funds will be used to advance the company’s US lithium project

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has completed the first $11.8 million tranche of a placement to raise gross proceeds of $12.2 million.

The first tranche comprising 107.6 million shares to institutional and sophisticated investors has been completed today.

READ: Piedmont Lithium secures $12.2 million in placement

A second tranche comprising 3.4 million shares to company directors to raise gross proceeds of $400,000, will be issued subject to shareholder approval.

A notice of meeting will be sent to shareholders shortly.

Funding for infill drilling

Proceeds will be used for exploration and infill drilling aimed at expanding and upgrading the resource base at the Piedmont Lithium Project in the world-class Carolina Tin-Spodumene Belt (TSB) in the USA.

Funds will also assist in permit applications, pilot-scale metallurgy, additional engineering studies and ongoing land consolidation.

Nasdaq ticker change

Earlier this week Nasdaq approved a change of the ticker symbol for the company’s ADRs to PLL from PLLL.

This ticker will now be the same as that for the company’s ordinary shares trading on the ASX.

READ: Piedmont Lithium expands land position by 15%, drilling being planned

Piedmont recently increased its exploration land position by 184 acres to 1,383 acres at the Piedmont project in North Carolina.

These acquisitions include properties within the Carolina TSB (122 acres) and preferred locations for the company’s concentrator and mine infrastructure (49 acres).

the new acreage has significant potential to add to the current resource of 16.2 million tonnes grading 1.12% lithium oxide defined on the Core Property.

Recent drilling suggests mineralisation continues into the new acreage.

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