{"id":11652,"date":"2024-10-25T01:52:15","date_gmt":"2024-10-25T01:52:15","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/25\/a9-million-equity-placing-to-contribute-to-the-funding-of-the-ewoyaa-lithium-project\/"},"modified":"2024-10-25T01:52:15","modified_gmt":"2024-10-25T01:52:15","slug":"a9-million-equity-placing-to-contribute-to-the-funding-of-the-ewoyaa-lithium-project","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/25\/a9-million-equity-placing-to-contribute-to-the-funding-of-the-ewoyaa-lithium-project\/","title":{"rendered":"A$9 Million Equity Placing to Contribute to the Funding of the Ewoyaa Lithium Project"},"content":{"rendered":"

Atlantic Lithium Limited<\/strong> (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, \u201cAtlantic Lithium\u201d or the \u201cCompany\u201d), the Africa-focused lithium exploration and development company targeting the delivery of Ghana\u2019s first lithium mine, is pleased to announce the launch of an institutional placement (\u201cEquity Placing\u201d) of new fully paid ordinary shares of no par value each in the Company (\u201cNew Shares\u201d) at an offer price of A$0.23 (equivalent to 11.73 pence) per New Share (\u201cIssue Price\u201d). <\/p>\n

Highlights of the Equity Placing<\/strong><\/p>\n

The Equity Placing will be undertaken by an institutional placement utilising the Company\u2019s existing share authorities, launching today, to raise a minimum of A$9.0 million (\u00a34.6 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 (\u00a31.5 million\/US$2.0 million).As part of the Equity Placing, the Company has received a signed commitment letter from Assore International Holdings Limited (\u201cAssore\u201d), the Company\u2019s largest shareholder, to invest up to US$5 million (A$7.5 million\/\u00a33.9 million) through the purchase of up to 32,608,695 New Shares at the Issue Price (the \u201cAssore Participation\u201d).In addition, Executive Chairman Neil Herbert, Chief Executive Officer Keith Muller, and Non-executive Director Edward Koranteng, all Directors of the Company (the \u201cDirectors\u201d), have provided an indication to invest up to A$290,000 in aggregate in the Equity Placing (the \u201cDirector Participation\u201d). The Assore Participation and Director Participation are conditional on shareholder approval at the Company\u2019s upcoming Annual General Meeting (\u201cAGM\u201d).Net proceeds from the Equity Placing will be used to contribute to funding the Company\u2019s flagship Ewoyaa Lithium Project (\u201cEwoyaa\u201d or the \u201cProject\u201d) in Ghana towards the Project Final Investment Decision (\u201cProject FID\u201d) and working capital requirements.Canaccord Genuity (Australia) Limited has been appointed as Lead Manager (\u201cLead Manager\u201d) in connection with the Equity Placing. Wilsons Advisory & Stockbroking is acting as Co-Manager (\u201cCo-Manager\u201d). <\/p>\n

<\/div>\n

Proposed Use of Proceeds<\/strong><\/p>\n

ExplorationExploration of the highly prospective Rubino and Agboville licences in C\u00f4te d\u2019Ivoire, as required under the terms of the licences.Working capitalGeneral working capital requirements. <\/p>\n

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:<\/strong><\/p>\n

\u201cWith 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.<\/em><\/p>\n

\u201cFunds 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.<\/em><\/p>\n

\u201cWe warmly welcome Assore\u2019s commitment to participate in the Equity Placing. As a cornerstone investor in Atlantic Lithium since its AIM listing, Assore\u2019s participation further underscores its belief in the Company achieving its goal of delivering spodumene concentrate production at Ewoyaa.<\/em><\/p>\n

\u201cAlongside 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\u2019s ambitions.<\/em><\/p>\n

\u201cWe look forward to the completion of the Equity Placing, which will facilitate our next steps towards delivering Ghana\u2019s first lithium mine.\u201d<\/em><\/em><\/p>\n<\/p>\n

Click here for the full ASX Release<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, \u201cAtlantic Lithium\u201d or the \u201cCompany\u201d), the Africa-focused lithium exploration and development company targeting the delivery of Ghana\u2019s first lithium mine, is pleased to announce the launch of an institutional placement (\u201cEquity Placing\u201d) of new fully paid ordinary shares of no par value each in […]<\/p>\n","protected":false},"author":0,"featured_media":11653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11652"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11653"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}