PERTH (miningweekly.com) – Lithium miner Piedmont has completed an underwritten public offering of 1.75-million of its American depositary shares (ADSs) raising A$159-million.
The company earlier this week flagged the US-based capital raise to fund the development of its namesake project in North Carolina.
Each of the ADSs issued, at a price of $70 each, represented 100 of its ordinary shares, which would be issued under the company’s existing placement capacity on March 25.
Funds raised will be used to continue the development of the Piedmont lithium project, and would fund definitive feasibility studies, test work, permitting, further exploration, mineral resource updates and ongoing land consolidation.
The funds would 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.