Atlantic Lithium, an Africa-focused lithium exploration and development company, has announced the completion of an institutional placement, raising A$10 million (US$6.7 million) at a price of A$0.23 per new share. The company will issue over 43.4 million new fully paid ordinary shares with no-par value through this placement.
Assore International Holdings, Atlantic Lithium’s largest shareholder, has conditionally subscribed for US$5 million by allotting more than 32.7 million new shares at the issue price. This participation is subject to shareholder approval. Assore will hold 30.56% of the company’s issued share capital if approved at the upcoming annual general meeting.
The funds raised will help advance the company’s flagship Ewoyaa Lithium Project in Ghana towards its final investment decision (FID).
Source: Battery Industry
