Atlantic Lithium Expands Funding with £2M Second Share Placement Following Successful Initial Investment
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.
The company has now instructed the investor to proceed with a second £2-million placement.
The company confirmed on November 26 that the initial placement’s pricing period concluded early and at a premium through mutual agreement with Long State.
The second placement will raise £2 million through the issuance of 19.4 million shares. Long State is set to pay £1 million upfront on the issue of shares, with the remaining £1 million deferred until the swap payment date specified in the agreements.
Following shareholder approval at the extraordinary general meeting on November 6, and in line with its equity placement facility with Long State, Atlantic Lithium has issued 10 million warrants exercisable at £0.13 each and 10 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 under the share placement agreement with Long State at a premium, raising £2 million,” said Atlantic Lithium CEO Keith Muller.
“On the back of this success, we are proceeding with the second placement to raise an additional £2 million, aimed at further strengthening the company’s financial position while minimizing shareholder dilution.”
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