Piedmont Announces Proposed U.S. Public Offering of American Depositary Shares
June 05 2020 - 3:06PM
Business Wire
Piedmont Lithium Limited (“Piedmont” or “Company”)
(Nasdaq:PLL; ASX:PLL) today announced that it plans to conduct
a U.S. public offering, subject to market and other conditions, of
its American Depositary Shares (“ADSs”), each representing 100 of
its ordinary shares (“Public Offering”). Piedmont intends to grant
the underwriters a 30-day option to purchase up to an additional
15% of the ADSs sold in the Public Offering to cover
over-allotments at the issue price of the Public Offering.
ThinkEquity, a division of Fordham Financial Management, Inc.,
and Loop Capital Markets LLC are acting as joint book-running
managers for the offering.
Piedmont also intends to conduct a substantially concurrent
Australian private placement to existing non-U.S. institutional and
sophisticated investors (“Private Placement”), at a price
equivalent to the issue price of the Public Offering. The Public
Offering is not contingent upon the Private Placement. The Company
expects the Private Placement will be fully committed upon the
closing of the Public Offering, but the completion of the Private
Placement will be subject to shareholder approval pursuant to
applicable ASX listing rules.
Proceeds from the offerings will be used to continue development
of the Company’s Piedmont Lithium Project, including a definitive
feasibility study, testwork, permitting, and ongoing land
consolidation, and for general corporate purposes.
The Public Offering is being made pursuant to an effective shelf
registration statement that has been filed with the U.S. Securities
and Exchange Commission (the "SEC"). A preliminary prospectus
supplement related to the offering of the ADSs will be filed with
the SEC and will be available on the SEC's website at
http://www.sec.gov and on the ASX website. Copies of the
preliminary prospectus supplements and the accompanying prospectus
relating to the Public Offering may be obtained from ThinkEquity, a
division of Fordham Financial Management, Inc., Prospectus
Department, 17 State Street, 22nd Floor, New York, New York 10004,
telephone: (877) 436-3673 or e-mail:
prospectus@think-equity.com.
This press release is not an offer or sale of the securities
in the United States or in any other jurisdiction where such offer
or sale is prohibited, and such securities may not be offered or
sold in the United States absent registration or an exemption from
registration under the Securities Act of 1933, as amended.
About Piedmont
Piedmont holds a 100% interest in the Piedmont Lithium Project
(“Project”) located within the Carolina Tin-Spodumene Belt (“TSB”)
and along trend to the Hallman Beam and Kings Mountain mines,
historically providing most of the western world’s lithium between
the 1950s and the 1980s. The TSB has been described as one of the
largest lithium provinces in the world and is located approximately
25 miles west of Charlotte, North Carolina. It is a premier
location for development of an integrated lithium business based on
its favorable geology, spodumene-only mineralogy, proven metallurgy
and easy access to infrastructure, power, R&D centers for
lithium and battery storage, major high-tech population centers and
downstream lithium processing facilities.
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version on businesswire.com: https://www.businesswire.com/news/home/20200605005496/en/
For further information, contact:
Keith Phillips President & CEO T: +1 973 809 0505 E:
kphillips@piedmontlithium.com
Tim McKenna Investor and Government Relations T: +1 732
331 6457 E: tmckenna@piedmontlithium.com
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