Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has raised around A$29 million to support the development of its Piedmont Lithium Project in North Carolina, USA.
The company received commitments for a US public offering of 1.8 million of its American Depository Shares (ADS), each representing 100 of its ordinary shares, at an issue price of US$6.30 each to raise gross proceeds of US$11.3 million (around A$16.2 million).
Due to strong investor demand, the underwriters also exercised their option to purchase an additional 265,000 ADS to raise additional gross proceeds of US$1.7 million (A$2.4 million).
The public offering is being made as part of an effective shelf registration statement that has been filed with the US Securities and Exchange Commission (SEC).
Private placement[hhmc]
The company also received commitments from existing non-US institutional and sophisticated shareholders and directors for 120 million of its fully paid ordinary shares at an issue price of 9 cents per share, which equates to the same issue price of the public offering.
This private placement will raise gross proceeds of A$10.8 million and is subject to shareholder approval at a general meeting in late July 2020.
Piedmont directors will participate in the private placement, subject to shareholder approval, by subscribing for 3,590,909 ordinary shares of the total.
Funding development[hhmc]
Proceeds from the public offering and private placement will be used to continue development of the coRead More – Source
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