Atlantic Lithium Raises US$16.4M with Ghanaian Pensions and Long State Placement
Atlantic Lithium has secured US$16.4 million to advance its Ewoyaa lithium project in Ghana. This includes an US$11 million investment from Ghanaian pension funds at US$0.197 per share and a US$5.4 million placement by Long State Investments with milestone-linked warrants.
1. Funding Package Breakdown
Atlantic Lithium has secured a total of US$16.4 million for its Ewoyaa lithium project in Ghana. The package comprises an US$11 million strategic investment facilitated by IC Asset Managers, including an unconditional US$5 million share subscription and up to US$6 million via milestone-linked warrants, plus a US$5.4 million drawdown from Long State Investments.
2. Share Issuance Terms
New shares for the Ghanaian pension fund investment are priced at US$0.197 each, representing roughly a 10% discount to the five-day volume weighted average price, while the Long State placement issues 27,379,260 shares at £0.146 each. These issuances provide staged capital injections aligned with project development milestones.
3. Milestone-Linked Warrants and Local Ownership
Warrants issued alongside the fundraising are linked to three project catalysts: parliamentary ratification of the mining lease, final investment decision and groundbreaking on construction. The entry of Ghanaian pension funds not only validates the project’s strategic direction but also broadens local ownership as Atlantic Lithium progresses toward Ghana’s first lithium-producing mine.