Piedmont Lithium to sell Atlantic Lithium shares to Assore for $7.8 Million

January 22, 2024
Piedmont Lithium to sell Atlantic Lithium shares to Assore for $7.8 Million
Piedmont Lithium

US-based Company to Sell 24.3 Million Shares at £0.25 Each to Boost Cash Balance

Piedmont Lithium, a US-based company, has announced its intention to sell a portion of shares it holds in Atlantic Lithium to Assore International, the largest shareholder in Atlantic Lithium. The company will sell 24.3 million shares of Atlantic at £0.25 apiece, generating approximately $7.8 million in funds for Piedmont Lithium.

This move is seen as a strategic decision to bolster Piedmont Lithium’s cash balance, with the sale representing about 3.8% of Atlantic’s outstanding shares. After the transaction, Piedmont’s shareholding in Atlantic Lithium, the owner of the Ewoyaa project in Ghana, will be reduced to approximately 5.2%.

Assore, the largest shareholder in Atlantic Lithium, now owns about 28.4% of the company. The sale of shares will have no impact on Piedmont’s joint venture, earn-in, or offtake position with Atlantic or the Ewoyaa project.

Piedmont Lithium aims to become one of the leading lithium hydroxide producers in North America by processing spodumene concentrate from assets where it holds an economic interest. The company’s projects include the Carolina Lithium and Tennessee Lithium projects in the US, as well as partnerships in Quebec with Sayona Mining and in Ghana with Atlantic Lithium.

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