Business
US$32.9m Strategic Investment
US$32.9m Strategic Investment.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n\n \n\n8 September 2023\nMinerals Income Investment Fund of Ghana To Invest US$32.9m\nGhana's Minerals Income Investment Fund agrees to invest US$32.9 million in Atlantic Lithium and its Cape Coast Lithium Portfolio subsidiaries in Ghana to support the development of the Ewoyaa Lithium Project\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 that it has agreed non-binding Heads of Terms with the Minerals Income Investment Fund of Ghana (\"MIIF\") to invest a total of US$32.9 million (A$51.4m / £26.3m) in the Company and its Ghanaian subsidiaries (\"Strategic Investment\"). MIIF's proposed investment will support the development of the Company's flagship Ewoyaa Lithium Project (\"Ewoyaa\" or the \"Project\") and the broader Cape Coast Lithium Portfolio in Ghana (\"Ghana Portfolio\") towards production.\nHighlights\n· Minerals Income Investment Fund of Ghana to invest a total of US$32.9m (A$51.4m / £26.3m) in the Company and its Ghanaian subsidiaries to support the development of the Ewoyaa Lithium Project and broader Cape Coast Lithium Portfolio in Ghana.\n· MIIF to invest US$27.9m (A$43.6m / £22.3m) in the Company's Ghanaian subsidiaries to acquire a 6% contributing interest in the Company's Ghana Portfolio, inclusive of the Ewoyaa Lithium Project. The contributing interest will take the form of funding of development, exploration and studies expenditure. \n· MIIF to subscribe for 19,245,574 Atlantic Lithium shares (\"Subscription\") at a price of US$0.2598 (A$0.41 / £0.21) per share, for a value of US$5m (A$7.8m / £4m), to be held in escrow, equating to 3.05% of the total issued share capital of the Company.\n· Under the non-binding terms of the Strategic Investment, MIIF will be i) entitled to nominate one person to each of the boards of the Company's Ghanaian subsidiaries ii) invited to participate in the near-term competitive process for Ewoyaa's available off-take and iii) granted one warrant for every two Atlantic Lithium shares subscribed for under the Subscription at a 40% premium to the Subscription price. \n· MIIF's Strategic ...