Proceed from the placement will be used to complete a definitive feasibility study (DFS) and continue development of the 100% owned Piedmont Lithium Project in North Carolina. US.
In the near term, the company expected to complete a detailed metallurgical test work program followed by an updated scoping study in the coming weeks.
Global asset manager, Fidelity International, subscribed for 74 million shares meaning it will become a substantial shareholder in the company.
Piedmont’s largest shareholder, AustralianSuper, the largest industry super fund in Australia also increased its investment through the $21 million placement.
In late June 2019, Piedmont revealed a major JORC resource update for its flagship Piedmont Lithium Project located within the world-class Carolina Tin-Spodumene Belt.
The global resource for the Piedmont project increased 47% to 27.9 million tonnes grading 1.11% lithium oxide for 309,000 tonnes of lithium oxide and 764,000 tonnes of lithium carbonate equivalent.
The majority of the project’s resource is located at the Core property, which was the subject of the resource update.
Notably, 74% of the Core property’s resource is within 100 metres of surface and 97% is within 150 metres of surface.