News: PLL Piedmont Announces Proposed U.S. Public Offering Of American Depositary Shares, page-2

"NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Limited (“Piedmont” or “Company”) (NasdaqLL; ASXLL) today announced that it plans to conduct a U.S. public offering, subject to market and other conditions, of its American Depositary Shares (“ADSs”), each representing 100 of its ordinary shares (“Public Offering”). Piedmont intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the ADSs sold in the Public Offering to cover over-allotments at the issue price of the Public Offering.

ThinkEquity, a division of Fordham Financial Management, Inc., and Loop Capital Markets LLC are acting as joint book-running managers for the offering.

Piedmont also intends to conduct a substantially concurrent Australian private placement to existing non-U.S. institutional and sophisticated investors (“Private Placement”), at a price equivalent to the issue price of the Public Offering. The Public Offering is not contingent upon the Private Placement. The Company expects the Private Placement will be fully committed upon the closing of the Public Offering, but the completion of the Private Placement will be subject to shareholder approval pursuant to applicable ASX listing rules.

Proceeds from the offerings will be used to continue development of the Company’s Piedmont Lithium Project, including a definitive feasibility study, testwork, permitting, and ongoing land consolidation, and for general corporate purposes"