Business
Successful Completion of A$8million Equity Placing
Successful Completion of A$8million Equity Placing.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n\n\n 15 December 2023\nSuccessful Completion of A$8 million Equity Placing\n\nAtlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, \"Atlantic Lithium\" or the \"Company\"), the African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce it has successfully completed its institutional placement (\"Equity Placing\"), as announced on 14 December 2023 (\"Launch Announcement\"), raising A$8.0 million (equivalent to approximately £4.2 million) at a price of A$0.44 (23.35 pence) per New Share (\"Issue Price\"). A total of 18,181,819 new fully paid ordinary shares of no-par value each in the Company will be issued (\"New Shares\").\nProceeds will enable the completion of the activities agreed under the grant of the Mining Lease for the Project, key items of early works and permitting-related Project expenditure, for further extensional drilling to support the delivery of an upgraded Mineral Resource Estimate for the Project in Q3 2024, and for working capital purposes.\nCanaccord Genuity (Australia) Limited (\"Canaccord\") is acting as Lead Manager (\"Lead Manager\") to the Equity Placement. Wilsons Advisory & Stockbroking is acting as Co-Manager (\"Co-Manager\").\n \nCommenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:\n\"Through the support of our existing institutional shareholder base and in welcoming a number of new institutions onto our register, we are pleased to have successfully raised A$8 million. As we await the completion and the receipt of the funds from the Minerals Income Investment Fund's investment, as well as the completion of the off-take process that is currently underway, the proceeds put the Company in a strong position to continue advancing the Ewoyaa Lithium Project at pace.\n\"The Placing enables us to fund the numerous activities that are underway or imminent that seek to add further value to the Project, aligning with the growth ambitions of the Company.\n\"With a number of key milestones ahead of us, we look forward to providing further updates on our progress in due course.\"\n \nAllotment and Admission\nApplication will be made to the London Stock Exchange and the Australian Securities Exchange for admission of the 18,181,819 New Shares to trading on AIM and ASX, expected to take place at 8:00 a...