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(Alliance News) - Atlantic Lithium Ltd on Thursday said it was restored to trading on AIM in London after a temporary suspension following a report published on its partner on Wednesday.
As a result, shares in Atlantic Lithium surged 30% to 29.45 pence each in London on Thursday at midday, while shares in Piedmont Lithium were down 0.3% to USD59.34 in New York on Wednesday after hours.
The Africa-focused lithium exploration and development company said it "outrightly refute[d]" allegations of impropriety made by a report from Blue Orca Capital regarding its partner Piedmont Lithium Inc.
It labelled the report as "false and misleading", arguing it holds valid prospecting licences, with operating permits for all of its current activities, in accordance with the Ghanaian government and the Minerals Commission's requirements.
It stressed the company has a "zero-tolerance policy" on bribery and corruption, operating in accordance with the "most stringent levels of corporate governance" internationally.
Atlantic Lithium also questioned the integrity of the report, noting how it discloses Blue Orca Capital has built a short position on Piedmont Lithium. Therefore, Blue Orca would benefit if Piedmont Lithium's share price was to fall.
As a result, Atlantic Lithium said it is seeking legal advice to address the claims made it in the report, as "all allegations in the report have been taken seriously" by the company.
It also warned investors against making decisions based on the report.
By Greg Rosenvinge, Alliance News reporter
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