Piedmont Lithium Inc (ASX:PLL, NASDAQ:PLL, XETRA:) has closed its offering of common stock, having sold 2.01 million shares and fully exercised the underwriter’s option to purchase 262,500 shares.
The aggregate proceeds of the public offering before underwriting discounts and commissions came to US$130.8 million.
Piedmont Lithium intends to use these funds to:
- Restart the operations at North American Lithium in Quebec;
- Fund exploration and definitive feasibility studies at Eyowaa in Ghana;
- Advance the company’s merchant lithium hydroxide plant in the southeastern United States;
- Continue development of the Carolina Lithium Project, including permitting activities, engineering design and property acquisition; and
- Fund possible strategic initiatives and general corporate purposes.
J P Morgan and Evercore ISI acted as joint book-runners for the public offering, while Canaccord Genuity (TSX:CF, LSE:CF), B Riley (NASDAQ:RILY) Securities, BTIG LLC, Clarksons Platou Securities Inc, D A Davidson and Co, Jett Capital Advisors LLC, Loop Capital Markets, Roth Capital Partners, ThinkEquity and Tuohy Brothers acted as co-managers.
About Piedmont Lithium
Piedmont Lithium is developing a multi-asset, integrated lithium business focused on supporting the transition to a net-zero world and the creation of a clean energy economy in North America.
The company is strategically located to serve the fast-growing North American electric vehicle supply chain, with sustainably produced lithium hydroxide from spodumene concentrate sourced from its US, Canada and Ghana-based assets forming its core product offering.
Piedmont has the potential to be one of the world’s lowest-cost producers of lithium hydroxide.