Piedmont Lithium Ltd (ASX:PLL) directors have demonstrated their faith in the company’s lithium development strategy through participating in a placement after receiving shareholder approval.
Non-executive chairman Ian Middlemas acquired more than 2.09 million shares valued at A$188,182 on August 7, increasing the total number of securities held in an indirect interest to 24 million.
Managing director and CEO Keith Phillips acquired 500,000 shares on August 6 valued at A$45,000, increasing the total number of ordinary shares held in a direct interest to 2.6 million along with 8,100 ADSs, representing 810,000 ordinary shares.
A$23.8 million capital raising
The company recently completed a placement of 120 million shares to non-US institutional and sophisticated shareholders for gross proceeds of A$10.8 million.
This private placement was completed following shareholder approval at a general meeting on July 31, 2020.
The placement follows the company’s recent US public offering of 2.065 million of its American Depositary Shares (ADS), each representing 100 of its ordinary shares to raise gross proceeds of US$13 million, which was completed on June 12, 2020.
Proceeds from the capital raisings will be used to continue development of the company’s Piedmont Lithium Project, including a definitive feasibility study, test-work, permitting and ongoing land consolidation, and for general corporate purposes.