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Piedmont Lithium in trading halt ahead of capital raising news

The company is an emerging lithium chemicals company with the goal of becoming a strategic domestic supplier of battery-grade lithium hydroxide.

Piedmont Lithium Ltd - Piedmont Lithium in trading halt ahead of capital raising
Piedmont’s flagship lithium project is located in the USA’s auto alley in North Carolina

Piedmont Lithium Ltd (ASX:PLL) has been granted a trading halt by the ASX ahead of a capital raising announcement.

The company’s securities will be halted until the beginning of normal trade on Thursday, June 11, or when an announcement is released to the market, whichever occurs earliest.

PLL has a market cap of approximately $107.4 million and shares last traded at 13 cents.

Vice president appointment

Piedmont recently strengthened its team through the appointment of lithium industry veteran Austin Devaney as vice president - sales and marketing.

Devaney, who has spent most of the past decade in senior marketing roles with major lithium producer Albemarle Corporation (NYSE:ALB), will play a broad strategic role with Piedmont.

In this regard, he will drive relationships with the global automotive, battery and cathode companies that are the prospective customers for the battery-grade lithium hydroxide the company plans to produce in the United States.

Tests produce high-grade spodumene

In May the company produced 120 kilograms of spodumene concentrate from core samples collected from its Piedmont Lithium Project within the world-class Carolina Tin-Spodumene Belt of the USA.

These samples have now been used in the bench-scale lithium hydroxide test work program, with results expected in June 2020.

Quick facts: Piedmont Lithium Ltd

Price: 0.15 AUD

ASX:PLL
Market: ASX
Market Cap: $173.3 m
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