The Piedmont Lithium Inc (ASX: PLL) share price finished the week in upbeat trading after the company announced an update to the underwritten public offering of its common stock.
At the close of trade on Friday, the Australian lithium miner's shares were fetching for $1.015 apiece, up 9.73%.
Piedmont closes public offering
Investors were buying up the Piedmont share price today following the company's capital raising efforts.
In a statement to the ASX, Piedmont advised it has closed the public offering of 2.01 million shares of its common stock. This includes the full exercise of the underwriter's option to purchase 262,500 Piedmont shares.
The combined total of the gross proceeds from the public offering before underwriting discounts and commission is US$130.8 million.
Once the net proceeds are leftover, Piedmont will use the funds for a number of strategic initiatives. They include:
- Restart operations at the North America Lithium mine in Quebec
- Fund exploration and definitive feasibility studies at Eyowaa in Ghana
- Advance the merchant lithium hydroxide plant in the south-eastern United States
- Continue development activities at the Carolina Lithium Project (engineering design and property acquisition)
- Use remaining funds for general corporate purposes.
For the 1.75 million Piedmont shares offered to the public, this was listed at $65.00 per share.
About the Piedmont share price
Over the past 12 months, the Piedmont share price has wobbled to register a gain of around 5%.
When looking at the year to date, however, the share trajectory paints a different story, up almost 40% for the period.
Based on valuation grounds, Piedmont commands a market capitalisation of roughly $534.78 million.
