Atlantic Lithium Limited Announces Corporate Update - Issue of Equity

Rhea-AI Summary

Atlantic Lithium Limited has announced the issuance of 1,352,700 Ordinary Shares at a price of 30 pence per share due to the exercise of unlisted broker warrants. Admission to trading on AIM is expected around 17 May 2022, increasing the Company's total issued share capital to 578,096,946 Ordinary Shares. The Company's flagship project, the Ewoyaa Project in Ghana, is on track to become West Africa's first lithium-producing mine, with projected revenues exceeding US$3.4bn.

Positive

• Issuance of 1,352,700 Ordinary Shares indicates strong investor interest.
• Ewoyaa Project fully funded with US$102m agreement with Piedmont Lithium.
• Projected Life of Mine revenues for the Ewoyaa Project exceed US$3.4bn.

Negative

• None.

SYDNEY, AUSTRALIA / ACCESSWIRE / May 10, 2022 / The Board of Atlantic Lithium Limited (AIM:ALL)(OTCQX:ALLIF), "Atlantic Lithium" or the "Company"), the African focused lithium exploration and development company, wishes to advise of the allotment and issue of 1,352,700 Ordinary Shares at a price of 30 pence per share as a result of the exercise of unlisted broker warrants.

Application will be made for the 1,352,700 Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 17 May 2022 ("Admission").

On Admission of the 1,352,700 Ordinary Shares to trading the issued share capital of the Company will comprise 578,096,946 Ordinary Shares. When calculating voting rights, shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

For any further information, please contact:

Atlantic Lithium Limited Neil Herbert (Executive Chairman) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au atlantic@yellowjerseypr.com	Tel: +61 2 8072 0640
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: +44 (0)20 3470 0470
Canaccord Genuity Limited Joint Company Broker Raj Khatri James Asensio Harry Rees	Tel: +44 (0) 20 7523 4500
Liberum Capital Limited Joint Company Broker Scott Mathieson Edward Thomas Kane Collings	Tel: +44 (0) 20 3100 2000
SI Capital Limited Joint Company Broker Nick Emerson Jon Levinson	Tel: +44 (0) 1483 413 500 Tel: +44 (0) 207 871 4038
Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto James Lingfield	Tel: +44 (0)20 3004 9512

Notes to Editors:

About Atlantic Lithium
www.atlanticlithium.com.au

Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become West Africa's first lithium producing mine. The project is fully funded to production under an agreement with Piedmont Lithium for US$102m and set to produce a premium lithium product. A robust update Scoping Study indicates Life of Mine revenues exceeding US$3.4bn.

Atlantic Lithium holds a 560km² & 774km² tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Atlantic Lithium Limited

View source version on accesswire.com:
https://www.accesswire.com/700695/Atlantic-Lithium-Limited-Announces-Corporate-Update--Issue-of-Equity

FAQ

What does the recent press release from Atlantic Lithium Limited entail?

The press release states that Atlantic Lithium has issued 1,352,700 Ordinary Shares at 30 pence per share and plans for admission to AIM around 17 May 2022.

What is the significance of the Ewoyaa Project for Atlantic Lithium Limited?

The Ewoyaa Project is expected to become West Africa's first lithium-producing mine, contributing significantly to the company's projected revenues.

How much funding has Atlantic Lithium secured for the Ewoyaa Project?

Atlantic Lithium has secured US$102m in funding from Piedmont Lithium to support the Ewoyaa Project.

What is the current issued share capital of Atlantic Lithium Limited after the share issuance?

After the issuance of the new shares, the total issued share capital of Atlantic Lithium will be 578,096,946 Ordinary Shares.