(Alliance News) - Atlantic Lithium Ltd on Monday said it has lodged its prospectus for its Australian Securities Exchange dual listing offer, which will open on August 23.
Atlantic Lithium is a lithium asset developer and producer focused in West Africa.
On Monday, the company said it has lodged its prospectus with the Australian Securities & Investments Commission setting out the terms of its ASX offer, which is to acquire up to 22.9 million shares at a price of AUD0.58 each.
The ASX offer is being undertaken by way of a sell-down by some of the company's shareholders, rather than an issue of new shares. A new, special purpose vehicle, Atlantic SaleCo Ltd, has been established to facilitate the sell-down, Atlantic Lithium explained.
Accordingly, while the sale of the shares under the sell-down will not raise any cash for the company, Atlantic Lithium expects to raise around USD4.5 million from the exercise of the sell-down options.
Canaccord Genuity Australia Ltd is acting as lead manager in respect of the ASX offer, it added.
In July, Atlantic Lithium said trading on the ASX will not affect the company's existing shares trading on the AIM market of the London Stock Exchange.
Executive Chair Neil Herbert said: "Listing on the ASX enables eligible investors the opportunity to invest in Atlantic Lithium, including through the ASX offer which is announced today. The company will benefit from a broadened shareholder base and raised awareness of its plans for the industry-leading Ewoyaa Lithium Project, at a time when demand for lithium continues to be strong.
"The ASX market itself has seen a growing interest in green commodities of late, in line with the global transition to a lower carbon future, and we have seen the valuations of many companies involved in the lithium supply chain benefit as a result," Herbert added.
Atlantic Lithium shares were up 1.9% to 38.120 pence each in London on Monday midday.
By Sophie Rose; sophierose@alliancenews.com
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