Piedmont Lithium Inc. (“Piedmont” or the “Company”)
(Nasdaq:PLL; ASX:PLL) today announced the closing of its
previously announced underwritten public offering of 2.01 million
shares (“shares”) of its common stock, which includes the full
exercise of the underwriters’ option to purchase 262,500 shares
(“Public Offering”). The aggregate gross proceeds of the Public
Offering, before underwriting discounts and commissions, totaled
$130.8 million.
Piedmont intends to use the net proceeds from the offering to
fund the Company’s share of the capital required to restart the
operations at North American Lithium in Quebec, to fund exploration
and definitive feasibility studies at Eyowaa in Ghana, to advance
the Company’s merchant lithium hydroxide plant in the southeastern
United States, and to continue development of the Carolina Lithium
Project, including ongoing permitting activities, engineering
design, and property acquisition. Additionally, the net proceeds
may be used to fund possible strategic initiatives and for general
corporate purposes.
J.P. Morgan and Evercore ISI acted as joint book-runners for the
Public Offering. Canaccord Genuity, B. Riley Securities, BTIG, LLC,
Clarksons Platou Securities, Inc., D.A. Davidson & Co., Jett
Capital Advisors LLC, Loop Capital Markets, Roth Capital Partners,
ThinkEquity and Tuohy Brothers acted as co-managers for the Public
Offering.
The Public Offering was made pursuant to an effective shelf
registration statement that has been filed with the U.S. Securities
and Exchange Commission (the “SEC”). A final prospectus supplement
related to the Public Offering has been filed with the SEC and is
available on the SEC’s website at http://www.sec.gov and on the ASX
website. Copies of the final prospectus supplement and the
accompanying prospectus relating to the Public Offering may be
obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by
telephone at (866) 803-9204 or by e-mail at
prospectus-eq_fi@jpmchase.com; and Evercore Group L.L.C.,
Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor,
New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at
ecm.prospectus@evercore.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.
Forward-Looking Statements
This press release contains “forward-looking statements” as
defined by the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. In some cases, you can
identify forward-looking statements by terms such as “anticipate,”
“believe,” “expect,” “estimate,” “may,” “might,” “will,” “could,”
“can,” “shall,” “should,” “would,” “leading,” “ objective,”
“intend,” “contemplate,” “design,” “predict,” “potential,” “plan,”
“target” and similar expressions are generally intended to identify
forward-looking statements. Forward-looking statements are subject
to a variety of known and unknown risks, uncertainties and other
factors which could cause actual events or results to differ from
those expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to: the anticipated
use of the net proceeds of the Public Offering; the fact that the
Company’s management will have broad discretion in the use of the
proceeds from the sale of the shares; the risk that anticipated
plans, development, production, revenues or costs are not attained;
the Company’s operations being further disrupted and the Company’s
financial results being adversely affected by public health
threats, including the novel coronavirus pandemic; the Company’s
limited operating history in the lithium industry; the Company’s
status as a development stage company, including the Company’s
ability to identify lithium mineralization and achieve commercial
lithium mining; mining, exploration and mine construction, if
warranted, on the Company’s properties, including timing and
uncertainties related to acquiring and maintaining mining,
exploration, environmental and other licenses, permits, access
rights or approvals in Gaston County, North Carolina, the Province
of Quebec, Canada and Cape Coast, Ghana as well as properties that
Piedmont may acquire or obtain an equity interest in the future;
completing required permitting activities required to commence
processing operations for the LHP-2 Project; the Company’s ability
to achieve and maintain profitability and to develop positive cash
flows from the Company’s processing activities; the Company’s
estimates of mineral reserves and resources and whether mineral
resources will ever be developed into mineral reserves; investment
risk and operational costs associated with the Company’s
exploration activities; the Company’s ability to develop and
achieve production on the Company’s properties; the Company’s
ability to enter into and deliver products under supply agreements;
the pace of adoption and cost of developing electric transportation
and storage technologies dependent upon lithium batteries; the
Company’s ability to access capital and the financial markets;
recruiting, training and developing employees; possible defects in
title of the Company’s properties; compliance with government
regulations; environmental liabilities and reclamation costs;
estimates of and volatility in lithium prices or demand for
lithium; the Company’s common stock price and trading volume
volatility; the development of an active trading market for the
Company’s common stock; the Company’s failure to successfully
execute its growth strategy, including any delays in the Company’s
planned future growth; and other factors set forth in the Company’s
most recent Transition Report on Form 10-KT and subsequent reports,
as filed with the SEC.
All forward-looking statements reflect Piedmont’s beliefs and
assumptions based on information available at the time the
assumption was made. These forward-looking statements are not based
on historical facts but rather on management’s expectations
regarding future activities, results of operations, performance,
future capital and other expenditures, including the amount, nature
and sources of funding thereof, competitive advantages, business
prospects and opportunities. By its nature, forward-looking
information involves numerous assumptions, inherent risks and
uncertainties, both general and specific, known and unknown, that
contribute to the possibility that the predictions, forecasts,
projections or other forward-looking statements will not occur.
Although Piedmont has attempted to identify important factors that
could cause actual results to differ materially from those
described in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, believed, estimated, or
expected. Piedmont cautions readers not to place undue reliance on
any such forward-looking statements, which speak only as of the
date made. Except as otherwise required by the securities laws of
the United States, Piedmont disclaims any obligation to
subsequently revise any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.
Piedmont qualifies all the forward-looking statements contained in
this release by the foregoing cautionary statements.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset,
integrated lithium business focused on enabling the transition to a
net zero world and the creation of a clean energy economy in North
America. The centerpiece of our operations, located in the renowned
Carolina Tin Spodumene Belt of North Carolina, when combined with
equally strategic and in-demand mineral resources, and production
assets in Quebec, and Ghana, positions us to be one of the largest,
lowest cost, most sustainable producers of battery-grade lithium
hydroxide in the world. We will also be strategically located to
best serve the fast-growing North American electric vehicle supply
chain. The unique geology, geography and proximity of our
resources, production operations and customer base, will allow us
to deliver valuable continuity of supply of a high-quality,
sustainably produced lithium hydroxide from spodumene concentrate,
preferred by most EV manufacturers. Our planned diversified
operations should enable us to play a pivotal role in supporting
America’s move toward decarbonization and the electrification of
transportation and energy storage. As a member of organizations
like the International Responsible Mining Association, and the Zero
Emissions Transportation Association, we are committed to
protecting and preserving our planet for future generations, and to
making economic and social contributions to the communities we
serve.
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version on businesswire.com: https://www.businesswire.com/news/home/20220324005813/en/
Keith Phillips President & CEO T: +1 973 809 0505 E:
kphillips@piedmontlithium.com
Patrick Brindle EVP – Chief Operating Officer T: +1 412
818 0376 E: pbrindle@piedmontlithium.com
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