Atlantic Lithium Limited, a lithium exploration and development company targeting the delivery of Ghana's first lithium mine, announces the successful completion of its institutional placement, raising a total of A$10 million (£5.1 million/US$6.7 million) at a price of A$0.23 per new share.
As part of the Equity Placing, Assore International Holdings, the company's largest shareholder, has conditionally subscribed for US$5.0 million through the allotment of 32,775,013 new shares.
The funding will be used for the optimisation and technical refinement of the Ewoyaa Definitive Feasibility Study, completion of activities associated with permitting and operating requirements before breaking ground at the project, and for working capital purposes.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
"We are pleased to have raised A$10 million in an Equity Placing led by the Company's largest shareholder, Assore, and supported by existing, new institutional shareholders and Participating Directors.
"The successful Placing, undertaken in a challenging market environment for lithium companies, demonstrates strong support for the Project from existing and prospective shareholders. Assore has proven to be a hugely supportive shareholder and partner since the Company's admission to AIM and, through its participation in the Equity Placing, has demonstrated its ongoing belief in the success of the Project.
"With the proceeds allocated to completing key activities to advance Ewoyaa towards Project FID, the Placing puts the Company on firm footing to achieve its ambitions of delivering commercial production of spodumene in Ghana.
"We look forward to providing further updates on our progress in due course."