TIDMALL
RNS Number : 5713T
Atlantic Lithium Limited
25 November 2021
25 November 2021
Gold Demerger Update
Ricca Resources Limited
Offer Information Statement to be Dispatched
As set out in Atlantic Lithium Limited's (AIM: ALL, "Atlantic"
or the "Company") announcement on 18 November 2021, shareholders
have approved the capital reduction and in-specie distribution of
shares held by the Company in Ricca Resources Limited ("Ricca
Resources") to facilitate the demerger of the Company's gold
assets.
The Offer Information Statement ("OIS") for a non-renounceable
pro rata rights issue offer of Ricca Resources (the "Ricca Rights
Issue" or "Priority Offer") to be dispatched to eligible Atlantic
shareholders today.
HIGHLIGHTS:
Ø Shareholders approved the capital reduction and in-specie
distribution to facilitate the gold demerger at the AGM held on 18
November 2021.
Ø The Offer Information Statement in respect of the Priority
Offer to raise up to A$7.2m (which is fully underwritten by
Canaccord Genuity Australia Limited) to be dispatched to eligible
shareholders today.
Ø Ministerial approval received from Chad for the transfer of
the Chadian gold tenements to Ricca Resources.
Ø The demerger timeline for completion remains unchanged with a
proposed completion date of 22 December 2021.
Ø Atlantic to provide Ricca Resources with initial start-up
capital of A$7m.
Ø Post demerger, Ricca Resources will have a cash balance of
approximately A$14.2m before costs.
The offer information statement can be found
https://www.atlanticlithium.com.au/Ricca OIS
Ricca Resources' website can be found at
www.riccaresources.com.au .
The Ricca Resources ' presentation can also be found at www.riccaresources.com.au/presentations .
Shareholder Approval Received
Atlantic (formerly IronRidge Resources Limited) received
shareholder approval for the capital reduction and in-specie
distribution to facilitate the demerger of gold assets into Ricca
Resources at the Company's AGM held on 18 November 2021 ( refer RNS
of 18 November 2021 ).
Offer Information Statement
Ricca Resources lodged the Offer Information Statement with the
Australian Securities and Investments Commission on 17 November
2021. The Priority Offer offered under the OIS seeks to raise
A$7.2m (before costs) and is fully underwritten by Canaccord
Genuity Australia Limited ("CGAL").
The OIS will be dispatched to eligible ALL shareholders who were
on Company's share register on 23 November 2021 ( Entitlement Offer
Record Date ) and reside in an eligible country.
The Priority Offer invites eligible Atlantic shareholders to
participate in the Ricca Resources Rights Issue to raise A$7.2m at
an issue price A$0.10 cents per Ricca Resources share, on the basis
of 1 new share in Ricca Resources for every 8 ALL shares held by
eligible ALL shareholders (with entitlements being determined on
the Entitlement Offer Record Date) .
Following the implementation of the proposed demerger, and
assuming full subscription under the proposed Rights Issue, Ricca
Resources will have a closing cash balance of approximately A$14.2m
(before costs) with an enlarged issued share capital of 143,436,062
Shares ("Ricca Shares").
Demerger and Offer Information Statement Timetable
The Ricca Resources demerger timeline for completion remains
unchanged, with a proposed completion date of 22 December 2021. The
key dates for the Ricca Resources Priority Offer are set out
below:
Action Date
Entitlement Offer Record Date 23 November 2021
-----------------
Applications Open (Entitlement 25 November 2021
Offer Opening Date)
-----------------
Applications Close (Entitlement 15 December 2021
Offer Closing Date)
-----------------
Shortfall Notification Date 17 December 2021
-----------------
Shortfall Subscription Date 21 December 2021
-----------------
Allotment of New Shares under 22 December 2021
the Offer Information Statement
-----------------
Dispatch of New Shares holding 24 December 2021
statements
-----------------
Note: The dates shown in the table above are indicative only and
may be changed at the discretion of the Directors, subject to the
Corporations Act, the AIM Rules, and other applicable laws. Details
of the new times and dates will be notified to Shareholders by
announcement through a Regulatory Information Service.
The Gold Demerger
The full details of the demerger and resolution put to the
Company's shareholders are set out in the Notice of Meeting and
Explanatory Memorandum, dated, and announced on 26 October 2021.
Shareholders approved the demerger at the Company's AGM held and as
announced on 18 November 2021.
For any further information, please contact:
Atlantic Lithium Limited Tel: +61 2 8072 0640
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.atlanticlithium.com.au
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
Canaccord Genuity Limited Tel: +44 (0) 20 7523 4500
Joint Company Broker
Raj Khatri
James Asensio
Harry Rees
Liberum Capital Limited Tel: +44 (0) 20 3100 2000
Joint Company Broker
Scott Matheson
Edward Thomas
Kane Collings
SI Capital Limited Tel: +44 (0) 1483 413
Joint Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry Wilkinson
Dominic BarrettoMatthew McHale
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium Limited (formerly "IronRidge Resources
Limited") is an AIM-listed lithium company advancing a portfolio of
projects in Ghana and Côte d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is
a significant lithium pegmatite discovery on track to become West
Africa's first lithium producing mine. The project is fully funded
to production under an agreement with Piedmont Lithium for US$102m
and set to produce a premium lithium product. A robust Scoping
Study indicates Life of Mine revenues exceeding US$1.5bn.
Atlantic holds a 560km(2) & 774km(2) tenure across Ghana and
Côte d'Ivoire respectively, comprising significantly
under-explored, highly prospective licenses.
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END
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