REG - Atlantic Lithium Ltd - Successful Completion of A$8million Equity Placing

Atlantic LithiumAnnouncement

15/12/2023 07:00

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RNS Number : 9672W  Atlantic Lithium Limited  15 December 2023

15 December 2023

Successful Completion of A$8 million Equity Placing

Atlantic 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").

Proceeds 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.

Canaccord 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").

 

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"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.

"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.

"With a number of key milestones ahead of us, we look forward to providing
further updates on our progress in due course."

 

Allotment and Admission

Application 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.m. on 22 December 2023 on AIM
and 10:00 a.m. on 22 December 2023 Sydney time on ASX.

Total Voting Rights

Following Admission, there will be 630,423,479 Ordinary Shares in issue
carrying voting rights admitted to trading (on AIM and ASX). This figure
630,423,479 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.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation
(EU) no. 596/2014 as it forms part of UK domestic law pursuant to the European
Union (withdrawal) Act 2018, as amended. Upon the publication of this
announcement via a regulatory information service, this information is
considered to be in the public domain.

 

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

 Charlie Bouverat
                             Duncan St John, Christian Calabrese (Australia)

                                   Tel: +44 (0)20 3004 9512

 Tel: +44 (0)20 3470 0470

                                                                   Corporate Broking:

                                                                   James Asensio, Harry Rees

                                                                   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 and ASX-listed lithium company advancing a
portfolio of lithium projects in Ghana and Côte d'Ivoire through to
production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant
lithium spodumene pegmatite discovery on track to become Ghana'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
top 10 largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being
developed under a funding agreement with Piedmont Lithium Inc.

Atlantic Lithium holds 509km(2) and 774km(2) of tenure across Ghana and Côte
d'Ivoire respectively, comprising significantly under-explored, highly
prospective licences.

 

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