Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

A$9 Million Equity Placing to Contribute to the Funding of the Ewoyaa Lithium Project

by admin October 25, 2024
October 25, 2024
A$9 Million Equity Placing to Contribute to the Funding of the Ewoyaa Lithium Project

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, is pleased to announce the launch of an institutional placement (“Equity Placing”) of new fully paid ordinary shares of no par value each in the Company (“New Shares”) at an offer price of A$0.23 (equivalent to 11.73 pence) per New Share (“Issue Price”).

Highlights of the Equity Placing

The Equity Placing will be undertaken by an institutional placement utilising the Company’s existing share authorities, launching today, to raise a minimum of A$9.0 million (£4.6 million/US$6.0 million). As part of the Equity Placing, the Company reserves the ability to accept oversubscriptions for up to A$3.0 million (£1.5 million/US$2.0 million).As part of the Equity Placing, the Company has received a signed commitment letter from Assore International Holdings Limited (“Assore”), the Company’s largest shareholder, to invest up to US$5 million (A$7.5 million/£3.9 million) through the purchase of up to 32,608,695 New Shares at the Issue Price (the “Assore Participation”).In addition, Executive Chairman Neil Herbert, Chief Executive Officer Keith Muller, and Non-executive Director Edward Koranteng, all Directors of the Company (the “Directors”), have provided an indication to invest up to A$290,000 in aggregate in the Equity Placing (the “Director Participation”). The Assore Participation and Director Participation are conditional on shareholder approval at the Company’s upcoming Annual General Meeting (“AGM”).Net proceeds from the Equity Placing will be used to contribute to funding the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana towards the Project Final Investment Decision (“Project FID”) and working capital requirements.Canaccord Genuity (Australia) Limited has been appointed as Lead Manager (“Lead Manager”) in connection with the Equity Placing. Wilsons Advisory & Stockbroking is acting as Co-Manager (“Co-Manager”).

Proposed Use of Proceeds

ExplorationExploration of the highly prospective Rubino and Agboville licences in Côte d’Ivoire, as required under the terms of the licences.Working capitalGeneral working capital requirements.

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.

“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.”

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
5 Best-performing Junior Copper Stocks on the TSXV in 2024
next post
Alta Mesa Passes Key Milestone in Uranium Production Ramp-Up

Related Posts

Oil Prices Rise, Then Tumble as Iran Retaliates...

June 24, 2025

5 Biggest AI ETFs in 2025

March 6, 2025

Noble Mineral highlights Mann West Nickel Sulphide Initial...

June 12, 2025

Top 3 Canadian Rare Earths Stocks

July 26, 2024

Augustus Acquires 1,345km2 Gold Exploration Project Near Leonora

November 5, 2024

Top 5 Canadian Cobalt Stocks of 2025

August 19, 2025

Costco Adds Platinum Bars to Precious Metals Investment...

October 8, 2024

Minim Martap Project Update

February 26, 2025

John Rubino: Gold on “Epic Run” as Chaos...

May 3, 2025

Lithium Universe LtdBecancour Lithium Refinery – Preliminary Feasibility...

September 30, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • CDC official who blasted Trump’s ‘weak science’ led politicized Biden-era monkeypox response

      August 31, 2025
    • Epstein estate to hand over ‘birthday book’ to lawmakers, House Dem says

      August 31, 2025
    • Dyan Cannon denied White House entry after lying about her age on passport documents

      August 31, 2025
    • Israel eliminates Houthi prime minister in Yemen airstrike targeting senior government officials

      August 31, 2025
    • Sen. Bernie Sanders calls on RFK Jr. to resign following departure of CDC officials

      August 31, 2025

    Categories

    • Business (1,092)
    • Investing (2,943)
    • Politics (3,595)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved