Atlantic Lithium Limited (AIM: ALL) has announced an institutional placement of new shares to raise A$9M. This funding will support the development of Ghana’s first lithium mine.
Commenting, Neil Herbert, executive chairman of Atlantic Lithium, said: “With significant recent progress made at Ewoyaa, despite having been impacted by the delay in the parliamentary ratification of the mining lease, this institutional equity placing will see the company funded to advance the project towards FID and shovel-readiness. Funds will be allocated towards the optimisation of the Ewoyaa DFS, the advancement of the project through the key permitting and operational activities before we can break ground at the project.”
Assore International Holdings Limited, the largest shareholder, has committed to invest up to US$5M by purchasing 32,608,695 new shares at the issue price. Additionally, executive chairman, Neil Herbert, CEO Keith Muller, and non-executive director, Edward Koranten,g have indicated they will collectively invest up to A$290,000, pending shareholder approval at the upcoming AGM.
The proceeds will be used to advance the Ewoyaa Lithium Project in Ghana towards its final investment decision and cover working capital needs.
“We warmly welcome Assore’s commitment to participate in the equity placing. As a cornerstone investor in Atlantic Lithium since its AIM listing, Assore’s participation further underscores its belief in the company achieving its goal of delivering spodumene concentrate production at Ewoyaa. Alongside CEO Keith Muller and non-executive director Edward Koranteng, I am proud to also be participating in the equity placing. As directors, we believe in the importance of putting our money where our mouth is. We have done so on many occasions to date and, at such a pivotal moment for the project, we are proud to take the opportunity to extend our belief in the company’s ambitions. We look forward to the completion of the equity placing, which will facilitate our next steps towards delivering Ghana’s first lithium mine.”
To read more about this, please visit https://www.atlanticlithium.com.au/
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