Atlantic Lithium Ltd - African-focused lithium exploration and development company - Says that, in line with heads of terms agreed in September, the Minerals Income Investment Fund of Ghana has completed a subscription for 19.2 million shares at USD0.26 each, for a total of USD5 million. The subscription is part of an agreed total USD32.9 million strategic investment in Atlantic and its Ghanaian subsidiaries. Under the terms of the subscription, MIIF is entitled to nominate one person to the company's board. Additionally, MIIF is to invest a further USD27.9 million, to acquire a 6% contributing interest in the Ghana portfolio.
Executive Chair Neil Herbert says: "As we near the commencement of construction at Ewoyaa later this year, we expect to benefit greatly from MIIF's support. Notably, this includes MIIF's contributing interest towards the project's development expenditure, which further de-risks the success of the project."
Current stock price: 20.60 pence, up 2.0%
12-month change: down 50%
By Holly Beveridge, Alliance News reporter
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Atlantic Lithium (ALL)