Atlantic Lithium, which is targeting to deliver Ghana’s first lithium mine, has completed a subscription for 19.2 million shares at a price of about 26 US cents per share for a value of $5 million.
The funds were raised from the West African country’s mineral sovereign wealth fund, the Minerals Income Investment Fund of Ghana (MIIF).
This makes MIIF a new major strategic shareholder and funding partner for the company's flagship Ewoyaa Lithium Project.
Atlantic said the subscription shares equate to 3% of the total issued share capital of the company.
It said MIIF's strategic investment will improve the company's cash balance and contribute towards project development expenditure, reducing its share of the total $185 million in development expenditure.
In addition to the $5 million subscription, MIIF will invest a further $27.9 million in the company's Ghanaian subsidiaries to acquire a 6% contributing interest in the company's Ghana Portfolio, inclusive of the project, expected to be completed in the coming months.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
