Piedmont Lithium Inc. (“Piedmont” or the “Company”)
(Nasdaq:PLL; ASX:PLL) today announced the pricing of an upsized
underwritten public offering of 1.75 million shares (“shares”) of
its common stock (“Public Offering”), at a price per share to the
public of $65.00, for aggregate gross proceeds of $113.75 million.
Piedmont has granted the underwriters a 30-day option to purchase
up to an additional 262,500 shares at the issue price of the Public
Offering. The Public Offering is expected to close on March 24,
2022, subject to customary closing conditions.
Piedmont intends to use the net proceeds from the offering to
fund the Company’s share of the capital required to restart the
operations at North American Lithium in Quebec, to fund exploration
and definitive feasibility studies at Eyowaa in Ghana, to advance
the Company’s merchant lithium hydroxide plant in the southeastern
United States, and to continue development of the Carolina Lithium
Project, including ongoing permitting activities, engineering
design, and property acquisition. Additionally, the net proceeds
may be used to fund possible strategic initiatives and for general
corporate purposes.
J.P. Morgan and Evercore ISI are acting as joint book-runners
for the Public Offering. Canaccord Genuity, B. Riley Securities,
BTIG, LLC, Clarksons Platou Securities, Inc., D.A. Davidson &
Co., Jett Capital Advisors LLC, Loop Capital Markets, Roth Capital
Partners, ThinkEquity and Tuohy Brothers are acting as co-managers
for the Public Offering.
The Public Offering is being made pursuant to an effective shelf
registration statement that has been filed with the U.S. Securities
and Exchange Commission (the “SEC”). A final prospectus supplement
related to the Public Offering will be filed with the SEC and made
available on the SEC’s website at http://www.sec.gov and on the ASX
website. Copies of the final prospectus supplement, when available,
and the accompanying prospectus relating to the Public Offering may
be obtained from J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
by telephone at (866) 803-9204 or by e-mail at
prospectus-eq_fi@jpmchase.com; and Evercore Group L.L.C.,
Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor,
New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at
ecm.prospectus@evercore.com.
This press release is not an offer or sale of the securities
in the United States or in any other jurisdiction where such offer
or sale is prohibited, and such securities may not be offered or
sold in the United States absent registration or an exemption from
registration under the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains “forward-looking statements” as
defined by the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. In some cases, you can
identify forward-looking statements by terms such as “anticipate,”
“believe,” “expect,” “estimate,” “may,” “might,” “will,” “could,”
“can,” “shall,” “should,” “would,” “leading,” “ objective,”
“intend,” “contemplate,” “design,” “predict,” “potential,” “plan,”
“target” and similar expressions are generally intended to identify
forward-looking statements. Forward-looking statements are subject
to a variety of known and unknown risks, uncertainties and other
factors which could cause actual events or results to differ from
those expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to: risks related to
whether the Company will close the Public Offering on the expected
terms, or at all; the anticipated use of the net proceeds of the
Public Offering; the fact that the Company’s management will have
broad discretion in the use of the proceeds from any sale of the
shares; the risk that anticipated plans, development, production,
revenues or costs are not attained; the Company’s operations being
further disrupted and the Company’s financial results being
adversely affected by public health threats, including the novel
coronavirus pandemic; the Company’s limited operating history in
the lithium industry; the Company’s status as a development stage
company, including the Company’s ability to identify lithium
mineralization and achieve commercial lithium mining; mining,
exploration and mine construction, if warranted, on the Company’s
properties, including timing and uncertainties related to acquiring
and maintaining mining, exploration, environmental and other
licenses, permits, access rights or approvals in Gaston County,
North Carolina, the Province of Quebec, Canada and Cape Coast,
Ghana as well as properties that Piedmont may acquire or obtain an
equity interest in the future; completing required permitting
activities required to commence processing operations for the LHP-2
Project; the Company’s ability to achieve and maintain
profitability and to develop positive cash flows from the Company’s
processing activities; the Company’s estimates of mineral reserves
and resources and whether mineral resources will ever be developed
into mineral reserves; investment risk and operational costs
associated with the Company’s exploration activities; the Company’s
ability to develop and achieve production on the Company’s
properties; the Company’s ability to enter into and deliver
products under supply agreements; the pace of adoption and cost of
developing electric transportation and storage technologies
dependent upon lithium batteries; the Company’s ability to access
capital and the financial markets; recruiting, training and
developing employees; possible defects in title of the Company’s
properties; compliance with government regulations; environmental
liabilities and reclamation costs; estimates of and volatility in
lithium prices or demand for lithium; the Company’s common stock
price and trading volume volatility; the development of an active
trading market for the Company’s common stock; the Company’s
failure to successfully execute its growth strategy, including any
delays in the Company’s planned future growth; and other factors
set forth in the Company’s most recent Transition Report on Form
10-KT and subsequent reports, as filed with the SEC.
All forward-looking statements reflect Piedmont’s beliefs and
assumptions based on information available at the time the
assumption was made. These forward-looking statements are not based
on historical facts but rather on management’s expectations
regarding future activities, results of operations, performance,
future capital and other expenditures, including the amount, nature
and sources of funding thereof, competitive advantages, business
prospects and opportunities. By its nature, forward-looking
information involves numerous assumptions, inherent risks and
uncertainties, both general and specific, known and unknown, that
contribute to the possibility that the predictions, forecasts,
projections or other forward-looking statements will not occur.
Although Piedmont has attempted to identify important factors that
could cause actual results to differ materially from those
described in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, believed, estimated, or
expected. Piedmont cautions readers not to place undue reliance on
any such forward-looking statements, which speak only as of the
date made. Except as otherwise required by the securities laws of
the United States, Piedmont disclaims any obligation to
subsequently revise any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.
Piedmont qualifies all the forward-looking statements contained in
this release by the foregoing cautionary statements.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset,
integrated lithium business focused on enabling the transition to a
net zero world and the creation of a clean energy economy in North
America. The centerpiece of our operations, located in the renowned
Carolina Tin Spodumene Belt of North Carolina, when combined with
equally strategic and in-demand mineral resources, and production
assets in Quebec, and Ghana, positions us to be one of the largest,
lowest cost, most sustainable producers of battery-grade lithium
hydroxide in the world. We will also be strategically located to
best serve the fast-growing North American electric vehicle supply
chain. The unique geology, geography and proximity of our
resources, production operations and customer base, will allow us
to deliver valuable continuity of supply of a high-quality,
sustainably produced lithium hydroxide from spodumene concentrate,
preferred by most EV manufacturers. Our planned diversified
operations should enable us to play a pivotal role in supporting
America’s move toward decarbonization and the electrification of
transportation and energy storage. As a member of organizations
like the International Responsible Mining Association, and the Zero
Emissions Transportation Association, we are committed to
protecting and preserving our planet for future generations, and to
making economic and social contributions to the communities we
serve.
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version on businesswire.com: https://www.businesswire.com/news/home/20220322006118/en/
Keith Phillips President & CEO T: +1 973 809 0505 E:
kphillips@piedmontlithium.com
Patrick Brindle EVP – Chief Operating Officer T: +1 412
818 0376 E: pbrindle@piedmontlithium.com
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