Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) (“Piedmont” or “Company”) is pleased to announce that it has completed the first tranche of its previously announced placement of 111 million shares at an issue price of A$0.11 per share to raise gross proceeds of A$12.2 million (“Placement”).
Proceeds from the Placement will be used for exploration and infill drilling to expand and upgrade the resource base at the Company’s 100% owned Piedmont Lithium Project (“Project”) located in the world-class Carolina Tin-Spodumene Belt (“TSB”) in the United States, as well as for permit applications, pilot-scale metallurgy, additional engineering studies, and ongoing land consolidation.
The first tranche of the Placement, comprising 107.6 million shares to institutional and sophisticated investors to raise gross proceeds of A$11.8 million, was completed today.
The second tranche of the Placement, comprising 3.4 million shares to Directors to raise gross proceeds of A$0.4 million, will be issued subject to shareholder approval. A notice of meeting will be sent to shareholders shortly.
An Appendix 3B and Section 708A Notice is attached