Piedmont Lithium completes $12.2 million placement with $400,000 directors’ component

Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has completed the second and final tranche of its $12.2 million placement with 3.4 million shares placed to company directors.

Shareholder approval for this component, which raised gross proceeds of $400,000, was granted at a general meeting on January 31, 2019.

READ: Piedmont Lithium completes first tranche of $12.2 million placement

The first tranche to institutional and sophisticated investors of 107.6 million shares for $11.8 million in proceeds was completed on December 13, 2018.

READ: Piedmont Lithium directors buy on-market to increase support for company

Proceeds will be used for exploration and infill drilling to expand and upgrade the resource base at the Piedmont Lithium Project in the world-class Carolina Tin-Spodumene Belt in the United States.

Funds will also be allocated to permit applications, pilot-scale metallurgy, additional engineering studies, and ongoing land consolidation.

READ: Piedmont Lithium commences 25,000-metre drill program to extend project life

The company has started a 25,000-metre phase four drill program at the project aiming to expand on the 13-year project life reported in the September 2018 scoping study.

There will be 19,000 metres focused on the Core property with the remaining 6,000 metres at the Central and Sunnyside properties.

Story by ProactiveInvestors