TIDMALL
RNS Number : 9672W
Atlantic Lithium Limited
15 December 2023
15 December 2023
Successful Completion of A$8 million Equity Placing
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF,
"Atlantic Lithium" or the "Company"), the African-focused lithium
exploration and development company targeting to deliver Ghana's
first lithium mine, is pleased to announce it has successfully
completed its institutional placement ("Equity Placing"), as
announced on 14 December 2023 ("Launch Announcement"), raising
A$8.0 million (equivalent to approximately GBP4.2 million) at a
price of A$0.44 (23.35 pence) per New Share ("Issue Price"). A
total of 18,181,819 new fully paid ordinary shares of no-par value
each in the Company will be issued ("New Shares").
Proceeds will enable the completion of the activities agreed
under the grant of the Mining Lease for the Project, key items of
early works and permitting-related Project expenditure, for further
extensional drilling to support the delivery of an upgraded Mineral
Resource Estimate for the Project in Q3 2024, and for working
capital purposes.
Canaccord Genuity (Australia) Limited ("Canaccord") is acting as
Lead Manager ("Lead Manager") to the Equity Placement. Wilsons
Advisory & Stockbroking is acting as Co-Manager
("Co-Manager").
Commenting, Neil Herbert, Executive Chairman of Atlantic
Lithium, said :
"Through the support of our existing institutional shareholder
base and in welcoming a number of new institutions onto our
register, we are pleased to have successfully raised A$8 million.
As we await the completion and the receipt of the funds from the
Minerals Income Investment Fund's investment, as well as the
completion of the off-take process that is currently underway, the
proceeds put the Company in a strong position to continue advancing
the Ewoyaa Lithium Project at pace.
"The Placing enables us to fund the numerous activities that are
underway or imminent that seek to add further value to the Project,
aligning with the growth ambitions of the Company.
"With a number of key milestones ahead of us, we look forward to
providing further updates on our progress in due course."
Allotment and Admission
Application will be made to the London Stock Exchange and the
Australian Securities Exchange for admission of the 18,181,819 New
Shares to trading on AIM and ASX, expected to take place at 8:00
a.m. on 22 December 2023 on AIM and 10:00 a.m. on 22 December 2023
Sydney time on ASX.
Total Voting Rights
Following Admission, there will be 630,423,479 Ordinary Shares
in issue carrying voting rights admitted to trading (on AIM and
ASX). This figure 630,423,479 may be used by Shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the market abuse regulation (EU) no. 596/2014 as it forms part of
UK domestic law pursuant to the European Union (withdrawal) Act
2018, as amended. Upon the publication of this announcement via a
regulatory information service, this information is considered to
be in the public domain.
For any further information, please contact:
Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
www.atlanticlithium.com.au
IR@atlanticlithium.com.au
Tel: +61 2 8072 0640
SP Angel Corporate Finance Yellow Jersey PR Limited Canaccord Genuity Limited
LLP Charles Goodwin Financial Adviser:
Nominated Adviser Bessie Elliot Raj Khatri (UK) /
Jeff Keating atlantic@yellowjerseypr.com Duncan St John, Christian
Charlie Bouverat Tel: +44 (0)20 3004 Calabrese (Australia)
Tel: +44 (0)20 3470 9512 Corporate Broking:
0470 James Asensio, Harry
Rees
Tel: +44 (0) 20 7523
4500
============================== ============================= =============================
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium is an AIM and ASX-listed lithium company
advancing a portfolio of lithium projects in Ghana and Côte
d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is
a significant lithium spodumene pegmatite discovery on track to
become Ghana's first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the
production of 3.6Mt of spodumene concentrate over a 12-year mine
life, making it one of the top 10 largest spodumene concentrate
mines in the world.
The Project, which was awarded a Mining Lease in October 2023,
is being developed under a funding agreement with Piedmont Lithium
Inc.
Atlantic Lithium holds 509km(2) and 774km(2) of tenure across
Ghana and Côte d'Ivoire respectively, comprising significantly
under-explored, highly prospective licences.
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END
MSCTABFTMTIBMAJ
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December 15, 2023 02:00 ET (07:00 GMT)
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