PERTH (miningweekly.com) – Lithium miner Piedmont Lithium has flagged a capital raise in the US to fund the development of its namesake project in North Carolina.
The company on Tuesday announced in Australia that it would conduct a US public offering, subject to market and other conditions, of up to 1.5-million of its American depositary shares (ADSs)
Each of the ADSs represents some 100 of its ordinary shares.
The company told shareholders that JP Morgan, Evercore ISI and Connaccord Genuity would act as joint book-runners and lead underwriters for the offering, and would be granted a 30-day option to purchase up to 225 000 additional ADSs at the issue price of the offering.
Funds raised will be used to continue the development of the Piedmont lithium project, and will fund definitive feasibility studies, test work, permitting, further exploration, mineral resource updates and ongoing land consolidation.
The funds will also go towards Piedmont’s $12-million investment into ASX-listed Sayona Mining in return for a 19.9% stake in the company and a 25% stake in its subsidiary Sayona Quebec Inc.
Piedmont recently launched a definitive feasibility study into an integrated lithium hydroxide project in North Carolina, which would also evaluate enhancements at the Carolina operations, including the installation of solar generating capacity, in-put crushing systems and the elimination of haul trucks from the operations plan.