Piedmont Lithium raises US$13 million after completing US public offering

Piedmont Lithium Ltd (ASX:PLL)( NASDAQ:PLL) has completed its US public offering of 2.065 million American Depositary Shares (ADS), each representing 100 of its ordinary shares, for gross proceeds of US$13 million (around AU$18.6 million).

This includes the exercise of the underwriters’ over-allotment option, at an issue price of US$6.30 per ADS.

ThinkEquity, a division of Fordham Financial Management, Inc, and Loop Capital Markets LLC acted as joint book-running managers for the offering, and Canaccord Genuity LLC and Roth Capital Partners are acting as financial advisors.

Funding project development

Proceeds from the public offering 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, as well as for general corporate purposes.

The project is within the Carolina Tin-Spodumene Belt (TSB), which has been described as one of the largest lithium provinces in the world.

Around 25 miles west of Charlotte, North Carolina, the TSB is considered a premier location for the development of an integrated lithium business based.

Story by ProactiveInvestors