PERTH (miningweekly.com) – Lithium junior Piedmont Lithium will raise A$12.2-million through a share placement priced at 11c a share.
The ASX-listed company on Monday told shareholders that it had successfully completed a book build and had received commitments for the placement of 111-million shares.
“We are pleased with the strong support received for the placement, which was oversubscribed and upsized from initial levels,” said Piedmont president and CEO Keith Phillips.
“It is gratifying to see some long-term supporters and my fellow directors participating based on their strong confidence in the quality of our project and the prospects of 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.”
The funds raised will be used for exploration and infill drilling to expand and upgrade the resource base at the Piedmont lithium project, in the US, as well as for permit applications, pilot-scale metallurgy, additional engineering studies, and ongoing land consolidation.