Placement to Raise A$12 Million

Placement to Raise A$12 Million

 
PRESS RELEASE  |  December 2, 2018  |  NASDAQ:PLL  |  ASX:PLL

Piedmont Lithium Limited (ASX: PLL; Nasdaq: PLLL) (“Piedmont” or “Company”) is pleased to announce that it has successfully completed a bookbuild and received commitments for a placement of 111
million shares at an issue price of A$0.11 per share to institutional and sophisticated investors to raise gross proceeds of A$12.2 million (“Placement”).

Officers and Directors of Piedmont plan to participate in the Placement by subscribing for a total of 3.4 million shares, subject to the necessary approvals.

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.

Mr. Keith Phillips, President and CEO, said: “We are pleased with the strong support received for the Placement, which was oversubscribed and upsized from initial levels. It is gratifying to see some longterm supporters and my fellow Directors participating based on their strong confidence in the quality of our Project and the prospects for our Company. We have an exciting year ahead and securing these funds will allow us to maintain our ambitious development timetable for what we believe to be the world’s most strategically located lithium project.”

Canaccord Genuity (Australia) Limited, Shaw and Partners Limited, and Aitken Murray Capital Partners acted as Joint Lead Managers to the Placement. Fosters Stockbroking acted as Co-Manager and
Roth Capital Partners acted as Financial Advisor.

The issue price of A$0.11 represents a 12% discount to the last closing price of A$0.125 and a 12% discount to the 20-day VWAP of A$0.125.

As a result of the proposed participation by Directors, the Company will complete the Placement in two tranches as follows:

(a) 107.6 million shares will be issued on or about December 7, 2018 under Listing Rules 7.1 (51.7 million shares) and 7.1A (55.9 million shares). Following issue of the shares, the Company will have a remaining issue capacity of 25.5 million shares under Listing Rule 7.1; and
(b) 3.4 million shares will be issued to Directors following shareholder approval. A notice of general meeting will be sent to shareholders shortly to approve the participation by Directors.

For further information, contact:

Keith Phillips
President & CEO
T: +1 973 809 0505
E: kphillips@piedmontlithium.com
Brian Risinger
VP – Investor Relations and Corporate Communications
T: +1 704 910 9688
E: brisinger@piedmontlithium.com