logo-loader
Piedmont Lithium Ltd

Piedmont Lithium completes capital raising, updated scoping study expected soon

Investors in the recent placement included heavyweights Fidelity and AustralianSuper.

australian bank notes
PLL recently also upgraded the JORC resource for its flagship Piedmont Lithium Project

Piedmont Lithium Ltd (ASX:PLL) has now received $21 million for the issue of 145 million shares priced at 14.5 cents to institutional investors.

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.

READ: Piedmonth Lithium secures $21 million from Fidelity, AustralianSuper and other institutions

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.

READ: Piedmont Lithium resource upgrade has project on track to be North America’s largest

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.

Quick facts: Piedmont Lithium Ltd

Price: $0.10

Market: ASX
Market Cap: $66.02 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Piedmont Lithium Ltd named herein, including the promotion by the Company of Piedmont Lithium Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Piedmont Lithium reveals updated scoping study boosting mine...

Piedmont Lithium Ltd (ASX:PLL) CEO Keith Phillips tells Proactive the lithium exploration company has released its updated scoping study results, extending the overall project life of its vertically-integrated lithium project in North Carolina, USA, to 25 years. Phillips says despite the...

1 week, 2 days ago

2 min read