US-based Piedmont Lithium has announced it will sell a portion of shares it holds in Aim- and ASX-listed Atlantic Lithium to Atlantic’s biggest shareholder, Assore International.
The Nasdaq- and ASX-listed company will sell 24.3 million shares of Atlantic at £0.25 apiece, putting about $ 7.8 million in its coffers.
“We have always viewed our Atlantic shares as a potential source of capital and are pleased to further bolster our cash balance through this agreement,” said Piedmont Lithium president and CEO Keith Phillips.
The sale represents about 3.8% of Atlantic’s outstanding shares and will reduce Piedmont’s shareholding in the owner of the Ewoyaa project, in Ghana, to about 5.2%.
Assore, which previously sought to buy Atlantic, now owns about 28.4% of Atlantic.
The sale of these shares has no impact on Piedmont’s joint venture, earn-in, or offtake position with Atlantic or the Ewoyaa project.
“We remain confident about the potential of Ewoyaa as a logistically advantaged, low-cost producer of spodumene concentrate, but are taking a disciplined approach to deploying capital in the current lithium price environment and positioning ourselves for the recovery we anticipate in the lithium market,” said Phillips.
Piedmont’s goal is to become one of the biggest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where it holds an economic interest.
Its projects include our Carolina Lithium and Tennessee Lithium projects in the US and partnerships in Quebec with Sayona Mining, and in Ghana with Atlantic Lithium
Latest Stories
-
Samson’s Take: Arrogance of Power, Shameful Policing
4 hours -
Burnley score late to draw with Manchester United at Old Trafford
6 hours -
Bayer Leverkusen extend unbeaten run to 46 games after draw with Stuttgart
6 hours -
Chelsea come from two goals down to draw against Aston Villa
7 hours -
Andre Ayew scores in Le Havre’s 3-3 draw with PSG
7 hours -
GPL 2023/24: Kotoko draw with Medeama; Samartex go 7 points clear of Nations FC
7 hours -
Mahama cuts sod for construction of new multipurpose Jakpa palace in Damongo
7 hours -
NSS management assists Papao fire victims
8 hours -
EXPLAINER: Will dumsor end soon?
8 hours -
IMANI Africa takes on EC, accuses it of lying and publishing half truths
9 hours -
Manasseh Azure calls for investigation and prosecution of those responsible for GRA/SML contract
9 hours -
Kwesi Atuahene: Ghana’s health capital depends on HealthTech – Africa Center for Digital Transformation
10 hours -
13 signs your wife is planning on leaving you and you have no idea
10 hours -
IMANI Africa: Ghana’s EC’s dangerous and pathological conduct
10 hours -
If I speak there will be fire – Salah on Klopp row
11 hours