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Atlantic Lithium Limited allotted and issued a combined total of 34,035,882 ordinary shares on 11 December 2024. These shares were issued at A$0.23 (11.73 pence) per share to Assore International Holdings Limited and Executive Chairman Neil Herbert, Chief Executive Officer Keith Muller, and Non-executive Director Edward Koranteng, following shareholder approval on 29 November 2024. Post-issue, Assore holds 30.56% of the company's 693,147,313 total voting rights, with Neil Herbert holding 1.25%, Keith Muller 0.11%, and Edward Koranteng 0.02%.
| Date | 10 Dec 2024 |
| Time | 07:00:06 |
| Category | Capital structure |
| ID | 4802P |
10 December 2024
Issue of Equity
Director/PDMR Dealings
Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, "Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration and development company targeting the delivery of Ghana's first lithium mine, wishes to advise the allotment and issue on 11 December 2024 of a combined total of 34,035,8821 ordinary shares of no par value each in the Company ("Ordinary Shares") at a price of A$0.23 (equivalent to 11.73 pence) per share to Assore International Holdings Limited ("Assore"), the Company's largest shareholder, and Atlantic Lithium Executive Chairman Neil Herbert, Chief Executive Officer Keith Muller and Non-executive Director Edward Koranteng (the "Participating Directors") in line with the Equity Placing completed on 25 October 2024 and following shareholder approval at the Company's Annual General Meeting ("AGM"), held on 29 November 2024.
Following the issue of the shares, the shareholdings of Assore and the Participating Directors (who are considered Directors and persons discharging managerial responsibilities ("PDMRs") of the Company) will be as follows:
|
|
Subscription for Tranche 2 Shares |
Resultant number of Ordinary Shares beneficially held |
Resultant percentage of issued share capital |
|
Assore International Holdings Limited |
32,775,013 |
211,800,865 |
30.56% |
|
Neil Herbert |
565,217 |
8,671,522 |
1.25% |
|
Keith Muller |
565,217 |
765,217 |
0.11% |
|
Edward Koranteng |
130,435 |
130,435 |
0.02% |
1 The combined total of 34,035,882 ordinary shares noted above differs by 1 share from the figure included for Tranche 2 Shares in the announcement of 25 October 2024. There has been no change to the number of shares allotted to Assore and the Participating Directors as detailed in the table above.
Total Voting Rights
Following admission of the Ordinary Shares, there will be 693,147,313 Ordinary Shares in issue carrying voting rights admitted to trading (on AIM, ASX and the GSE). This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Exchange Rates
The exchange rates used in the announcement are as follows (as at 23 October 2024):
· AUD - GBP: 0.51
Authorised for release by Amanda Harsas, Finance Director and Company Secretary, Atlantic Lithium Limited.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
PURCHASE OF ORDINARY SHARES
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name: |
Neil Herbert |
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|
2. |
Reason for the notification |
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|
a) |
Position/status: |
Executive Chairman |
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|
b) |
Initial notification/Amendment: |
Initial notification |
||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name: |
Atlantic Lithium Limited |
||||
|
b) |
LEI: |
213800H1JY3J7BB6BN06 |
||||
|
4. |
1. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. |
|||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary Shares of no par in the Company ISIN: AU0000237554 |
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|
b) |
Nature of the transaction: |
Purchase of Ordinary Shares
|
||||
|
c) |
Price(s) and volume(s):
|
|
||||
|
d) |
Aggregated information:
|
Purchase of 565,217 Ordinary Shares at an average price of A$0.23 (11.73 pence) per Ordinary Share
|
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|
e) |
Date of the transaction: |
11 December 2024 |
||||
|
f) |
Place of the transaction: |
ASX (A11) |
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NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
PURCHASE OF ORDINARY SHARES
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name: |
Keith Muller |
||||
|
2. |
Reason for the notification |
|||||
|
a) |
Position/status: |
Chief Executive Officer |
||||
|
b) |
Initial notification/Amendment: |
Initial notification |
||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name: |
Atlantic Lithium Limited |
||||
|
b) |
LEI: |
213800H1JY3J7BB6BN06 |
||||
|
4. |
1. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. |
|||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary Shares of no par in the Company ISIN: AU0000237554 |
||||
|
b) |
Nature of the transaction: |
Purchase of Ordinary Shares
|
||||
|
c) |
Price(s) and volume(s):
|
|
||||
|
d) |
Aggregated information:
|
Purchase of 565,217 Ordinary Shares at an average price of A$0.23 (11.73 pence) per Ordinary Share
|
||||
|
e) |
Date of the transaction: |
11 December 2024 |
||||
|
f) |
Place of the transaction: |
ASX (A11) |
||||
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
PURCHASE OF ORDINARY SHARES
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
|
a) |
Name: |
Edward Koranteng |
||||
|
2. |
Reason for the notification |
|||||
|
a) |
Position/status: |
Non-executive Director |
||||
|
b) |
Initial notification/Amendment: |
Initial notification |
||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name: |
Atlantic Lithium Limited |
||||
|
b) |
LEI: |
213800H1JY3J7BB6BN06 |
||||
|
4. |
1. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. |
|||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary Shares of no par in the Company ISIN: AU0000237554 |
||||
|
b) |
Nature of the transaction: |
Purchase of Ordinary Shares
|
||||
|
c) |
Price(s) and volume(s):
|
|
||||
|
d) |
Aggregated information:
|
Purchase of 130,435 Ordinary Shares at an average price of A$0.23 (11.73 pence) per Ordinary Share
|
||||
|
e) |
Date of the transaction: |
11 December 2024 |
||||
|
f) |
Place of the transaction: |
ASX (A11) |
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Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
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www.atlanticlithium.com.au |
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IR@atlanticlithium.com.au |
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Tel: +61 2 8072 0640 |
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SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat Tel: +44 (0)20 3470 0470 |
Yellow Jersey PR Limited Charles Goodwin Bessie Elliot Tel: +44 (0)20 3004 9512
|
Canaccord Genuity Limited Financial Adviser: Raj Khatri (UK) / Duncan St John, Christian Calabrese (Australia)
Corporate Broking: James Asensio Tel: +44 (0) 20 7523 4500 |
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Notes to Editors:
About Atlantic Lithium
Atlantic Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company advancing its flagship project, the Ewoyaa Lithium Project, a significant lithium spodumene pegmatite discovery in Ghana, through to production to become the country's first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the largest spodumene concentrate mines in the world.1 2
The Project was awarded a Mining Lease in October 2023, an Environmental Protection Agency ("EPA") Permit in September 2024, and a Mine Operating Permit in October 2024 and is being developed under an earn-in agreement with Piedmont Lithium Inc.
The Ewoyaa Mineral Resource Estimate (JORC) totals 36.8Mt @ 1.24% Li2O and includes 3.7Mt @ 1.37% Li₂O in the Measured category, 26.1Mt @ 1.24% Li₂O in the Indicated category and 7.0Mt @ 1.15% Li₂O in the Inferred category.1 Ore Reserves (Probable) of 25.6Mt @ 1.22% Li2O have been reported for the Project. 1
Atlantic Lithium holds a portfolio of lithium projects within 509km2 and 771km2 of granted and under-application tenure across Ghana and Côte d'Ivoire respectively, which, in addition to the Project, comprises significantly under-explored, highly prospective licences.
End Note
1 Ore Reserves, Mineral Resources and Production Targets
The information in this announcement that relates to Exploration Results, Ore Reserves, Mineral Resources and Production Targets complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The information in this announcement relating to the Mineral Resource Estimate ("MRE") of 36.8Mt @ 1.24% Li₂O for the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") is extracted from the Company's announcement entitled "New Dog-Leg Target Delivers Increase to Ewoyaa MRE", dated 30 July 2024, which is available at www.atlanticlithium.com.au. The MRE includes a total of 3.7Mt @ 1.37% Li₂O in the Measured category, 26.1Mt @ 1.24% Li₂O in the Indicated category and 7.0Mt @ 1.15% Li₂O in the Inferred category. The information in this announcement relating to the Ore Reserves (Probable) of 25.6Mt @ 1.22% Li2O and relating to the Production Target of 3.6Mt of spodumene concentrate over a 12-year mine life is extracted from the Company's announcement entitled "Ewoyaa Lithium Project Definitive Feasibility Study", dated 29 June 2023, which is available at www.atlanticlithium.com.au. The Company confirms, in the case of Mineral Resources, Ore Reserves and Production Targets, that all material assumptions and technical parameters underpinning the estimates continue to apply. Material assumptions for the Project have been revised on grant of the Mining Lease for the Project, announced by the Company on 20 October 2023 in the announcement entitled, "Mining Lease Granted for Ewoyaa Lithium Project". The Company is not aware of any new information or data that materially affects the information included in this announcement, the announcement dated 30 July 2024, the announcement dated 29 June 2023, or the announcement dated 20 October 2023.
2 Ewoyaa to become one of the largest spodumene concentrate producers globally - Based on a comparison of targeted spodumene concentrate production capacity (ktpa, 100% basis) of select hard rock spodumene projects globally (refer Company presentation dated 8 September 2023).
Competent Persons
Information in this announcement relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a Qualified Person under the AIM Rules. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
Information in this announcement relating to Ore Reserves was compiled by Mr Harry Warries. All stated Ore Reserves are completely included within the quoted Mineral Resources and are quoted in dry tonnes. Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.
The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.
