Atlantic Lithium closes first £1m placement, triggers second £2m raise with Long State
Lithium exploration and development company Atlantic Lithium has received the outstanding £1-million from Long State Investments to complete the initial share placement agreed under their September funding arrangement, and has now instructed the investor to proceed with a second £2-million placement.
The company said on November 26 that the initial placement’s pricing period was concluded early and at a premium through mutual agreement with Long State.
It added that the second placement would raise £2-million through the issue of 19.4-million shares. The company said Long State would pay half of the £2-million on the issue of shares and the remaining £1-million would be deferred until the swap payment date set out in the agreements.
The company said that, following shareholder approval at the extraordinary general meeting held on November 6, and in line with its equity placement facility with Long State, it had issued ten-million warrants exercisable at £0.13 each and ten-million security shares for no consideration to the investor.
“Following a positive trading period, which has seen a notable increase in the company's share price, we are pleased to have concluded the initial placement undertaken under the share placement agreement with Long State at a premium, raising £2-million.
“On the back of this success, we are proceeding with the second placement to raise an additional £2-million, intended to further enhance the company's financial position in a manner that minimises shareholder dilution,” Atlantic Lithium CEO Keith Muller said.
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