Piedmont Lithium Ltd (ASX:PLL) (OTCMKTS:PDDTF) (FRA:PL4) plans to undertake a US public offering of up to 1.5 million American Depository Shares (ADS), with each ADS representing 100 of its ordinary shares.
The company’s shares have also been placed in a trading halt at the request of the company to enable this offering to be conducted in an orderly manner.
Proceeds from US offering
Proceeds from the offering will go towards the ongoing development of the Piedmont Lithium Project in North Carolina, including definitive feasibility studies, test-work, permitting, further exploration drilling and mineral resource estimate updates.
They will also fund the previously announced strategic investments in Sayona Mining Ltd and Sayona Quebec Inc, and other possible strategic initiatives, and for general corporate purposes.
Details of offer
The offering is being made pursuant to an effective shelf registration statement that has been filed with the US Securities and Exchange Commission (SEC).
A preliminary prospectus supplement related to the ADS offering will be filed with the SEC and will be available on the SEC’s website at https://www.sec.gov and on the ASX website.
Underwriters and book-runner
JP Morgan, Evercore ISI and Canaccord Genuity are acting as the joint book-runners and lead underwriters for the offering.
Piedmont intends to grant the underwriters a 30-day option to purchase up to 225,000 additional ADSs at the issue price of the offering.
Trading halt
Piedmont Lithium shares will remain in a trading halt until the earlier of the start of normal trading on Thursday, March 25, 2021, or when the announcement is released in relation to the outcome of the offering.