West African explorer Atlantic Lithium is raising $13.3 million in its initial public offering to list on the ASX.
Lithium hopeful Atlantic Lithium is seeking a dual listing on the ASX for better liquidity and M&A optionality.Atlantic’s currently listed on the United Kingdom’s Alternative Investments Market and has hired Canaccord Genuity to facilitate its entry to the ASX, as it eyes better liquidity and MThe IPO was priced at 58¢ a share, and the funds were entirely for a sell down.
Atlantic Lithium’s flagship project Ewoyaa Lithium in Ghana, West Africa, has a 30.1 million ton inferred and indicated resource at 1.26 per cent lithium oxide. Ewoyaa is due to release a pre-feasibility study, after which the company would apply for a mining lease. Its already got an Australian connection. Piedmont Lithium has a $US103 million staged funding agreement with Atlantic, as a part of which it owns a 9.91 per cent equity stake.Piedmont can own up to 50 per cent of Atlantic’s Ghanian assets including Ewoyaa as well as up to 50 per cent of the project’s SC6 offtake concentrate.Canaccord was calling for bids by 2pm Monday, and the company was expected to trade on the ASX from September 9.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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