PERTH (miningweekly.com) – Lithium developer Piedmont Lithium will raise A$21-million through a share placement to complete a definitive feasibility study and continue the development of its namesake project, in North Carolina.
The ASX-listed company on Wednesday announced that it would place 145-million shares at a price of 14.5c each, to institutional investors.
The placement was led by cornerstone investor Fidelity International, which subscribed for 74-million shares, while Piedmont’s largest shareholder, AustralianSuper, agreed to subscribe for 19-million shares to retain its 13% interest in the company.
“We are extremely pleased to welcome Fidelity to our register as a substantial shareholder, and for the continued support of AustralianSuper and several other quality institutional investors in our company participating based on their strong confidence in the quality of our Piedmont lithium project and the prospect for our company,” said Piedmont president and CEO Keith Phillips.
“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.”
Piedmont recently reported a 47% increase in the mineral resource estimate at the Piedmont project, which is now standing at 27.9-million tonnes, grading 1.11% lithium oxide for 309 000 t of lithium oxide, or 764 000 t of lithium carbonate equivalent.
The company is undertaking a prefeasibility level metallurgical testwork programme, followed by a scoping study update in July this year.