Atlantic Lithium shares were weaker on Friday after the lithium miner completed a successful placement to fund development at its operations in Ghana.
Atlantic Lithium has raised A$8.0 million (approx. £4.2 million) through an institutional placement of 18,181,819 new shares at A$0.44 per share.
The proceeds will fund early works and permitting activities for its lithium project in Ghana, support an upgraded resource estimate in Q3 2024, and provide working capital.
Canaccord Genuity acted as lead manager, and Wilsons Advisory & Stockbroking as co-manager on the placement.
The fundraising comes as Atlantic Lithium aims to deliver Ghana’s first lithium mine after recently securing a mining lease for its project.
“Through the support of our existing institutional shareholder base and in welcoming a number of new institutions onto our register, we are pleased to have successfully raised A$8 million,” said Neil Herbert, Executive Chairman of Atlantic Lithium.
“As we await the completion and the receipt of the funds from the Minerals Income Investment Fund’s investment, as well as the completion of the off-take process that is currently underway, the proceeds put the Company in a strong position to continue advancing the Ewoyaa Lithium Project at pace.
“The Placing enables us to fund the numerous activities that are underway or imminent that seek to add further value to the Project, aligning with the growth ambitions of the Company.
“With a number of key milestones ahead of us, we look forward to providing further updates on our progress in due course.”