PERTH (miningweekly.com) – The underwriters of US lithium developer Piedmont Lithium’s US offering have exercised their option over an additional 300 000 of the company’s American depositary shares (ADSs), raising an additional A$10.6-million.
Piedmont last week raised an initial A$70-million through the underwritten US public offer of two-million of its ADSs, to fund the development of its lithium project in North Carolina.
The underwriters were granted a 30-day option to purchase an additional 300 000 ADSs. The ADSs each represent 100 of the company’s ordinary shares, and were issued at a price of $25 each.
Piedmont previously said that proceeds from the offering would be used to continue the development of the Piedmont lithium project, including a definitive feasibility study, testwork, permitting, further exploration drilling and ongoing land consolidation, and for general corporate purposes.