Piedmont Lithium (ASX:PLL) has today issued 100 million shares to investors under its recently outlined share placement, which has raised $16 million.
As per the placement, shares priced at $0.16 have been issued to institutional and sophisticated investors in Australia, the U.S, Canada, and the U.K.
Funds raised will be used to expedite development of the company’s 100% owned Piedmont Lithium Project located in the world-class Carolina Tin-Spodumene Belt (TSB) in the U.S.
The TSB is one of the premier localities in the world to be exploring for lithium pegmatites given its history of lithium-bearing spodumene mining, favourable geology and ideal location.
The project has easy access to infrastructure, power, research centres for lithium and battery storage, major high-tech population centres and downstream lithium processing facilities.
The TSB was the most important lithium producing region in the western world prior to the establishment of the brine operations in Chile in the late 1990s.
Piedmont is in a unique position to leverage its position as a first mover in restarting exploration in this historic lithium producing region.
The 93-hole, 12,262-meter, Phase 2 diamond drilling program was recently completed and assays for the remaining 42 holes are expected over the coming weeks.