Business
Response to Online Report & Restoration of Trading
Response to Online Report & Restoration of Trading.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \n \n \n 9 March 2023\n \n \n \n \n \n \n \n \n \n Response to Online Report & Restoration of Trading\n \n \n \n \n \n \n \n \n Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, \"Atlantic Lithium\" or the \"Company\"), the funded African-focussed lithium exploration and development company\n targeting to deliver Ghana's first lithium mine,\n issues\n the following statement in response to the false and misleading report (the \"Report\") regarding its partner Piedmont Lithium Inc. released by Blue Orca Capital on 08 March 2023.\n \n \n \n \n \n The Company holds valid Prospecting Licences with operating permits for all of its current activities, in accordance with the Ghanaian government and the Minerals Commission's requirements, and outrightly refutes the allegations of impropriety made by the Report.\n \n \n \n \n \n Following this notification, trading in the Company's shares on AIM will be restored with effect from 8:15 a.m. today.\n \n \n \n \n \n \n Joy Transporters\n \n \n \n \n \n \n As first announced on 17 January 2018, following appropriate due diligence, the Company entered into conditional and binding terms with Joy Transporters Ltd (\"Joy Transporters\"), which held exclusive rights to the Saltpond and Cape Coast prospecting licences. The Saltpond and Cape Coast prospecting licences currently contain no defined resources and form part of the Company's wider exploration portfolio in Ghana.\n \n \n \n \n \n On 12 March 2020, the Company announced that it had entered into an agreement to purchase 100% of the ownership of Joy Transporters, with the consideration being the issue of 2,360,035 shares in the Company, which were valued at approximately GBP280k (US$330k) at the time. As per the original terms, the selling party retains its Net Smelter Return of 2.5% (of which 50% can be acquired by the Company for US$3m). The Joy Transporters licences do not form part of the Company's defined resources and are excluded from the Company's Mining Licence application for the Ewoyaa Lithium Project. At this time no revenue is anticipated from the Joy Transporters licences and subsequently no royalty will be payable.\n \n \n \n \n \n Completion of the acquisition was subject to regulatory and ministerial approvals which were duly received. The completion was announ...