Piedmont Lithium Ltd (ASX:PLL) has had three of its board members increase their shareholding in the company.
Chairman Ian Middlemas, President and CEO Keith Phillips, and non-executive director Jeffrey Armstrong all purchased shares in the recent share placement that raised $12.2 million.
Middlemas purchased $210,000 worth of shares, and both Phillips and Armstrong purchased $82,500 each.
READ: Piedmont Lithium completes $12.2 million placement with $400,000 directors’ component
Proceeds from the $12.2 million will be used for exploration and infill drilling to expand and upgrade the resource base at the Piedmont Lithium Project in the US.
Funds will also be allocated to permit applications, pilot-scale metallurgy, additional engineering studies, and ongoing land consolidation.
Completing phase four drill program
Piedmont recently commenced a 25,000-metre phase four drill program at the Piedmont Lithium Project within the Carolina Tin-Spodumene Belt.
The aim of the program is to significantly expand on the 13-year project life reported in the scoping study released in mid-September 2018.
19,000 metres will be focused on the Core property and the remaining 6,000 metres will be focused on the Central and Sunnyside properties.