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Piedmont Lithium substantial shareholders support company by increasing holdings

AustralianSuper Pty Ltd now holds a 12.72% interest while FIL Limited has lifted its stake to 8.87%.

Piedmont Lithium Ltd - Piedmont Lithium substantial shareholders support company by increasing holdings
The company has completed a ~A$29.4 million capital raising exercise

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) substantial shareholders have shown their support for the company’s US lithium development strategy by increasing their holdings.

AustralianSuper Pty Ltd boosted its holding to 12.72% from 10.42% on August 6 and now holds 146,731,379 shares.

FIL Limited and associated entity FIL Investment Management (Hong Kong) Limited has lifted its holding to 8.87% from 7.27% and now holds 102,312,216 shares.

This change came on August 6 after FIL acquired more than 27 million shares in PLL’s placement.

Earlier this week Piedmont completed a private placement of 120 million shares to non-US institutional and sophisticated shareholders for gross proceeds of A$10.8 million.

The placement was completed following shareholder approval at a general meeting on July 31, 2020.

It follows the company’s recent US public offering of 2.065 million of its American depositary shares (ADS), each representing 100 ordinary shares to raise gross proceeds of US$13 million (~A$18.6 million).

Proceeds from the capital raisings will be used to continue development of the company’s Piedmont Lithium Project in the US, including a definitive feasibility study, test-work, permitting and ongoing land consolidation, and for general corporate purposes.

Quick facts: Piedmont Lithium Ltd

Price: 0.15 AUD

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