PRESS RELEASE | January 31, 2019 | NASDAQ:PLL | ASX:PLL
Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLL) (“Piedmont” or “Company”) is pleased to announce that it has now completed the second and final 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”).
The second tranche of the Placement, comprising 3.4 million shares to Directors, was completed today following shareholder approval at a General Meeting held on January 31, 2019. The first tranche of the Placement, comprising 107.6 million shares to institutional and sophisticated investors, was completed on December 13, 2018.
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.
An Appendix 3B and Section 708A Notice is attached