REG - Atlantic Lithium Ltd - Issue of Equity
10/12/2024 07:00
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RNS Number : 4802P Atlantic Lithium Limited 10 December 2024
10 December 2024
Issue of Equity
Director/PDMR Dealings
Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF,
"Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration
and development company targeting the delivery of Ghana's first lithium mine,
wishes to advise the allotment and issue on 11 December 2024 of a combined
total of 34,035,882(1) ordinary shares of no par value each in the Company
("Ordinary Shares") at a price of A$0.23 (equivalent to 11.73 pence) per share
to Assore International Holdings Limited ("Assore"), the Company's largest
shareholder, and Atlantic Lithium Executive Chairman Neil Herbert, Chief
Executive Officer Keith Muller and Non-executive Director Edward Koranteng
(the "Participating Directors") in line with the Equity Placing completed on
25 October 2024 and following shareholder approval at the Company's Annual
General Meeting ("AGM"), held on 29 November 2024.
Following the issue of the shares, the shareholdings of Assore and the
Participating Directors (who are considered Directors and persons discharging
managerial responsibilities ("PDMRs") of the Company) will be as follows:
Subscription for Tranche 2 Shares Resultant number of Ordinary Shares beneficially held Resultant percentage of issued share capital
Assore International Holdings Limited 32,775,013 211,800,865 30.56%
Neil Herbert 565,217 8,671,522 1.25%
Keith Muller 565,217 765,217 0.11%
Edward Koranteng 130,435 130,435 0.02%
(1) The combined total of 34,035,882 ordinary shares noted above differs by 1
share from the figure included for Tranche 2 Shares in the announcement of 25
October 2024. There has been no change to the number of shares allotted to
Assore and the Participating Directors as detailed in the table above.
Total Voting Rights
Following admission of the Ordinary Shares, there will be 693,147,313 Ordinary
Shares in issue carrying voting rights admitted to trading (on AIM, ASX and
the GSE). This figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Exchange Rates
The exchange rates used in the announcement are as follows (as at 23 October
2024):
· AUD - GBP: 0.51
Authorised for release by Amanda Harsas, Finance Director and Company
Secretary, Atlantic Lithium Limited.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
PURCHASE OF ORDINARY SHARES
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Neil Herbert
2. Reason for the notification
a) Position/status: Executive Chairman
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Atlantic Lithium Limited
b) LEI: 213800H1JY3J7BB6BN06
4. 1. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Ordinary Shares of no par in the Company
Identification code: ISIN: AU0000237554
b) Nature of the transaction: Purchase of Ordinary Shares
c) Price(s) and volume(s): Price(s) Volume(s)
A$0.23 (11.73 pence) 565,217
d) Aggregated information: Purchase of 565,217 Ordinary Shares at an average price of A$0.23 (11.73
pence) per Ordinary Share
e) Date of the transaction: 11 December 2024
f) Place of the transaction: ASX (A11)
d)
Aggregated information:
Purchase of 565,217 Ordinary Shares at an average price of A$0.23 (11.73
pence) per Ordinary Share
e)
Date of the transaction:
11 December 2024
f)
Place of the transaction:
ASX (A11)
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
PURCHASE OF ORDINARY SHARES
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Keith Muller
2. Reason for the notification
a) Position/status: Chief Executive Officer
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Atlantic Lithium Limited
b) LEI: 213800H1JY3J7BB6BN06
4. 1. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Ordinary Shares of no par in the Company
Identification code: ISIN: AU0000237554
b) Nature of the transaction: Purchase of Ordinary Shares
c) Price(s) and volume(s): Price(s) Volume(s)
A$0.23 (11.73 pence) 565,217
d) Aggregated information: Purchase of 565,217 Ordinary Shares at an average price of A$0.23 (11.73
pence) per Ordinary Share
e) Date of the transaction: 11 December 2024
f) Place of the transaction: ASX (A11)
d)
Aggregated information:
Purchase of 565,217 Ordinary Shares at an average price of A$0.23 (11.73
pence) per Ordinary Share
e)
Date of the transaction:
11 December 2024
f)
Place of the transaction:
ASX (A11)
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
PURCHASE OF ORDINARY SHARES
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Edward Koranteng
2. Reason for the notification
a) Position/status: Non-executive Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Atlantic Lithium Limited
b) LEI: 213800H1JY3J7BB6BN06
4. 1. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Ordinary Shares of no par in the Company
Identification code: ISIN: AU0000237554
b) Nature of the transaction: Purchase of Ordinary Shares
c) Price(s) and volume(s): Price(s) Volume(s)
A$0.23 (11.73 pence) 130,435
d) Aggregated information: Purchase of 130,435 Ordinary Shares at an average price of A$0.23 (11.73
pence) per Ordinary Share
e) Date of the transaction: 11 December 2024
f) Place of the transaction: ASX (A11)
d)
Aggregated information:
Purchase of 130,435 Ordinary Shares at an average price of A$0.23 (11.73
pence) per Ordinary Share
e)
Date of the transaction:
11 December 2024
f)
Place of the transaction:
ASX (A11)
For any further information, please contact:
Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
www.atlanticlithium.com.au
IR@atlanticlithium.com.au
Tel: +61 2 8072 0640
SP Angel Corporate Finance LLP Yellow Jersey PR Limited Canaccord Genuity Limited
Nominated Adviser Charles Goodwin Financial Adviser:
Jeff Keating Bessie Elliot Raj Khatri (UK) /
atlantic@yellowjerseypr.com (mailto:atlantic@yellowjerseypr.com)
Charlie Bouverat
Duncan St John, Christian Calabrese (Australia)
Tel: +44 (0)20 3004 9512
Tel: +44 (0)20 3470 0470
Corporate Broking:
James Asensio
Tel: +44 (0) 20 7523 4500
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)
Atlantic Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company
advancing its flagship project, the Ewoyaa Lithium Project, a significant
lithium spodumene pegmatite discovery in Ghana, through to production to
become the country's first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the production of
3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the
largest spodumene concentrate mines in the world.(1 2)
The Project was awarded a Mining Lease in October 2023, an Environmental
Protection Agency ("EPA") Permit in September 2024, and a Mine Operating
Permit in October 2024 and is being developed under an earn-in agreement with
Piedmont Lithium Inc.
The Ewoyaa Mineral Resource Estimate (JORC) totals 36.8Mt @ 1.24% Li(2)O and
includes 3.7Mt @ 1.37% Li₂O in the Measured category, 26.1Mt @ 1.24% Li₂O
in the Indicated category and 7.0Mt @ 1.15% Li₂O in the Inferred
category.(1) Ore Reserves (Probable) of 25.6Mt @ 1.22% Li(2)O have been
reported for the Project. (1)
Atlantic Lithium holds a portfolio of lithium projects within 509km(2) and
771km(2) of granted and under-application tenure across Ghana and Côte
d'Ivoire respectively, which, in addition to the Project, comprises
significantly under-explored, highly prospective licences.
End Note
(1) Ore Reserves, Mineral Resources and Production Targets
The information in this announcement that relates to Exploration Results, Ore
Reserves, Mineral Resources and Production Targets complies with the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). The information in this announcement
relating to the Mineral Resource Estimate ("MRE") of 36.8Mt @ 1.24% Li₂O for
the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") is extracted from the
Company's announcement entitled "New Dog-Leg Target Delivers Increase to
Ewoyaa MRE", dated 30 July 2024, which is available at
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) . The MRE
includes a total of 3.7Mt @ 1.37% Li₂O in the Measured category, 26.1Mt @
1.24% Li₂O in the Indicated category and 7.0Mt @ 1.15% Li₂O in the
Inferred category. The information in this announcement relating to the Ore
Reserves (Probable) of 25.6Mt @ 1.22% Li(2)O and relating to the Production
Target of 3.6Mt of spodumene concentrate over a 12-year mine life is extracted
from the Company's announcement entitled "Ewoyaa Lithium Project Definitive
Feasibility Study", dated 29 June 2023, which is available at
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) . The Company
confirms, in the case of Mineral Resources, Ore Reserves and Production
Targets, that all material assumptions and technical parameters underpinning
the estimates continue to apply. Material assumptions for the Project have
been revised on grant of the Mining Lease for the Project, announced by the
Company on 20 October 2023 in the announcement entitled, "Mining Lease Granted
for Ewoyaa Lithium Project". The Company is not aware of any new information
or data that materially affects the information included in this announcement,
the announcement dated 30 July 2024, the announcement dated 29 June 2023, or
the announcement dated 20 October 2023.
(2) Ewoyaa to become one of the largest spodumene concentrate producers
globally - Based on a comparison of targeted spodumene concentrate production
capacity (ktpa, 100% basis) of select hard rock spodumene projects globally
(refer Company presentation dated 8 September 2023).
Competent Persons
Information in this announcement relating to Mineral Resources was compiled by
Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr
Searle has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' and is a Qualified Person under the AIM
Rules. Mr Searle is a director of Ashmore. Ashmore and the Competent Person
are independent of the Company and other than being paid fees for services in
compiling this report, neither has any financial interest (direct or
contingent) in the Company. Mr Searle consents to the inclusion in the report
of the matters based upon the information in the form and context in which it
appears.
Information in this announcement relating to Ore Reserves was compiled by Mr
Harry Warries. All stated Ore Reserves are completely included within the
quoted Mineral Resources and are quoted in dry tonnes. Mr Warries is a Fellow
of the Australasian Institute of Mining and Metallurgy and an employee of
Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to
the style of mineralisation and type of deposit under consideration and to the
activity he is undertaking, to qualify as a Competent Person as defined in the
'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of
December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of
the Australasian Institute of Mining and Metallurgy, the Australian Institute
of Geoscientists and the Minerals Council of Australia. Mr Warries gives
Atlantic Lithium Limited consent to use this reserve estimate in reports.
The Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the original
market announcement.
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