ASX Listing – Commencement of Trading
26 September 2022
Atlantic Lithium Commences Trading on
Australian Securities Exchange (ASX)
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTC: ALLIF, "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce the commencement of trading of the Company's shares on the Official List of the Australian Securities Exchange ("ASX") under the ticker 'A11'.
· The Company's ASX dual listing offer (ASX Offer) to acquire up to 22,850,000 Shares in the Company at a price of A$0.58 per Share, which was open to eligible investors in Australia, New Zealand, Hong Kong and Singapore, was fully subscribed.
· Shares were admitted to the Official List of the ASX on 21 September 2022 and trading of the shares commenced earlier today, under the ticker 'A11'.
· Trading on the ASX will have no direct impact on the trading of the Company's shares on AIM, which will continue under the ticker 'ALL', or on the OTCQX Best Market, trading under 'ALLIF'.
The Company recently announced a Pre-Feasibility Study for the Ewoyaa Lithium Project in Ghana (refer RNS of 22 September 2022), which spotlights the Project as an industry-leading lithium asset, capable of generating significant profitability.
The Board believes that the ASX listing reflects the global demand for a sustainable supply of lithium to facilitate the transition to a lower carbon future and will be beneficial to the Company in a number of ways:
· Raise the profile of the Company's Ewoyaa Project and Cape Coast Lithium Portfolio in a robust resources market where lithium exploration companies have in recent times attracted significant investor interest;
· Extend Atlantic Lithium's shareholder base, enable wider trading of Atlantic Lithium shares and provide greater liquidity for Atlantic Lithium shares;
· Allow existing Australian investors the opportunity to reposition securities held in the UK to Australia, should they so desire; and
· Enable close communication with Australian investors, through its Australian headquarters.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
"We are delighted to announce that trading of Atlantic Lithium's shares has today commenced on the ASX. In doing so, we welcome the support of the Company's new investors, who join us as Atlantic Lithium makes great strides, both operationally and commercially.
"Having announced the Pre-Feasibility Study for our Ewoyaa Lithium Project only last week, we believe this is an opportune moment to raise the profile of the Project, which is on track to become Ghana's first lithium mine and, we feel, play a fundamental role in the supply of sustainable lithium.
"At a time when significant growth in lithium demand is forecast over the coming years, driven largely by the global uptake of electric vehicles, we are eager to continue our work to progress the Project through to production.
"We believe that trading on the ASX will extend the Company's shareholder base, enable wider trading and offer greater liquidity for Atlantic Lithium shares. Lithium companies listed on the ASX have attracted significant investor interest of late. As such, we believe that the listing will help enable the Company to achieve a more attractive valuation in respect of its industry-leading Ewoyaa Project.
"As an Australian-headquartered company, the listing also allows us to reinforce the close communication we have with an expanded group of Australian investors.
"At this fundamental moment in the Company's history, we look forward to advancing Ewoyaa towards production and delivering long-term value to all stakeholders."
For any further information, please contact:
Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
Tel: +61 2 8072 0640
SP Angel Corporate Finance LLP
Tel: +44 (0)20 3470 0470
Canaccord Genuity Limited
Joint Company Broker
Tel: +44 (0) 20 7523 4500
Liberum Capital Limited
Joint Company Broker
Tel: +44 (0) 20 3100 2000
SI Capital Limited
Joint Company Broker
Tel: +44 (0) 1483 413 500
Tel: +44 (0) 207 871 4038
Yellow Jersey PR Limited
Tel: +44 (0)20 3004 9512
Notes to Editors:
About Atlantic Lithium
Atlantic Lithium (formerly "IronRidge Resources") is an AIM and ASX-listed lithium exploration and development company advancing a portfolio of lithium projects and licenses in Ghana and Côte d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet..
Atlantic Lithium holds a 560km2 & 774km2 tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.