Atlantic Lithium raises $6.7m in ‘equity placement’

Atlantic Lithium has announced the successful completion of its institutional placement (“Equity Placing”).

It raised a total of US$6.7 million at a price of 11.73 pence per new share.

In a circular to the investing public, the firm said a total of 43,478,261 new fully paid ordinary shares of no-par value each in the company will be issued as new shares.

As part of the Equity Placing, Assore International Holdings Limited (“Assore”), the Company’s largest shareholder, conditionally subscribed US$5.0 million through the allotment of 32,775,013 new shares at the issue price.

Atlantic Lithium Executive Chairman Neil Herbert; Chief Executive Officer, Keith Muller and Non-executive Director, Edward Koranteng have also conditionally subscribed for 1,260,870 new shares.

The Assore Participation and Director Participation are conditional on shareholder approval at the company’s upcoming Annual General Meeting.

On the basis that Assore’s participation is approved at the upcoming AGM, Assore will hold 30.56% of the company’s issued share capital.

Proceeds of the Equity Placing will be used to contribute to the funding of the company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana. This will be towards the Project Final Investment Decision (“Project FID”), including undertaking an optimisation and technical refinement of the Ewoyaa Definitive Feasibility Study and the completion of activities related to permitting and operating requirements prior to breaking ground at the project, and for working capital purposes.

Commenting, Neil Herbert, said: “We are pleased to have raised Australian $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 thepProject”, he added.

Canaccord Genuity (Australia) Limited acted as Lead Manager to the equity placement. Wilsons Advisory & Stockbroking acted as Co-Manager.

Comments

US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items

In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Mfantsiman Girls to Host 65th Speech & Prize-Giving Day

Mfantsiman Girls Senior High School is set to host the 65th Speech and Prize-giving Day and Homecoming from 14th to 16th March at Saltpond in the Central region. This year’s Speech and Prize-giving day is being hosted by the 2000-year group, and over 5000 old girls and students of Mfantsiman Girls are expected to attend the programme. Under the theme, ‘Leveraging New Media Technology to Optimize Girl Child Education,’ the event will emphasize the importance of harnessing technology to address the unique challenges faced by girls in accessing quality education, particularly in marginalized communities. By leveraging new media technology, we can create inclusive, interactive, and engaging learning environments that empower girls to reach their full potential. The theme will also serve as a call to action, encouraging students, educators, and stakeholders to explore innovative ways to integrate technology into girl child education, ultimately driving positive change and promoting a...

Kofi Ahovi

Search This Blog