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Atlantic Lithium Limited Announces Corporate Update – ASX Listing Proposal

SYDNEY, AUSTRALIA/ACCESSWIRE/July 12, 2022/ Atlantic Lithium Limited (AIM:ALL), (OTCQX:ALLIF), “Atlantic Lithium” or the “Company”), the Africa-focused funded lithium exploration and development company aiming to deliver the world’s first lithium from Ghana, announces its intention to pursue a listing on the official list of the Australian Securities Exchange (“ASX”).

This press release can be consulted in the PDF version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/1064S_1-2022-7-12.pdf

Canaccord Genuity (Australia) Limited has been appointed lead manager of the ASX listing process.

The Board believes that an ASX listing reflects global demand for a sustainable supply of lithium to facilitate the transition to a low-carbon future and will benefit society in several ways:

· Bring the Company’s Ewoyaa project and Cape Coast Lithium portfolio to the attention of a robust resource market where lithium exploration companies have recently attracted considerable investor interest;

· Listing on the ASX will further broaden Atlantic Lithium’s shareholder base, enable broader trading of Atlantic Lithium shares and provide greater liquidity for Atlantic Lithium shares;

· An ASX listing will also allow existing Australian investors to reposition UK-held securities in Australia if they wish; and

· Atlantic Lithium is an Australian company headquartered in Australia. An ASX listing allows close communication with Australian investors.

Holders of depository interests in the Company (“ID”) in the United Kingdom may, at any time, elect to cancel their IDs and convert them to a directly registered holding of ordinary shares (“Shares”) held on the share register in Australia. DI holders wishing to convert should, when the time comes, contact their stockbroker about a removal of the DI from CREST (the UK settlement system) in the name of the holder on the share register in Australia. Further details of the DI conversion process from the UK to Australia are available in the Chairman’s letter to shareholders attached.

To list on the ASX, the Company will need to demonstrate that it will have a sufficient number of shareholders to establish and maintain a market on the ASX, namely at least 300 unaffiliated shareholders, each holding an equity interest of at least 2,000 AUD in value. .

The company hopes, subject to meeting ASX admission requirements, to complete its ASX listing in Q3 2022.

However, there is no guarantee that Atlantic Lithium will be admitted to the official ASX list.

Trading on the ASX will not affect the existing ordinary shares of the Company which trade on the AIM market of the London Stock Exchange or the best market OTCQX in North America.

Further announcements will be made as appropriate.

Commenting, Neil Herbert, President of Atlantic Lithium, said:

“We are delighted to announce the company’s intention to list its shares on the ASX. Following its listing on AIM, the listing of Atlantic Lithium shares in Australia will broaden the Company’s shareholder base and expand the Company’s presence globally. We hope that Admission on ASX will provide a new platform from which we can raise awareness of the industry-leading Ewoyaa Lithium project at a time when demand for lithium continues to soar.

“The ASX market has recently seen growing interest in green commodities, in line with the global transition to a low carbon future, and we have seen the valuations of many companies involved in the lithium supply chain benefit. We believe the listing on the ASX is therefore timely to enable a more favorable valuation of the company and its assets.

For any additional information, please contact:

Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
Amanda Harsas (Chief Financial Officer and Corporate Secretary)
www.atlanticlithium.com.au
[email protected]

Tel: +61 2 8072 0640

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Notes to editors:

About Atlantic Lithium
www.atlanticlithium.com.au

Atlantic Lithium (formerly “IronRidge Resources”) is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d’Ivoire to production.

The Company’s flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become the first producing lithium mine in Ghana. The project is funded to production under an agreement with Piedmont Lithium for US$102 million, based on the updated scoping study dated December 7, 2021, indicating that revenues from the mine life exceeds US$3.4 billion and is expected to produce a premium lithium product.

Atlantic Lithium holds a 560km2 & 774km2 tenure across Ghana and Ivory Coast respectively, including largely under-explored and highly promising licenses.

Letter to shareholders

July 12, 2022

Dear shareholder

Proposed Listing of Atlantic Lithium Limited on the ASX

Introduction

Atlantic Lithium Limited (“Company”) currently has its common stock (“Shares”) listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange.

Intention to List on the ASX

The 4e In April 2022, the Company announced its potential intention to seek listing on the Australian Securities Exchange (“ASX”).

The Company is a lithium exploration and development company and is currently exploring for lithium in Ghana and Côte d’Ivoire with the intention of applying for a mining license and commencing production in Ghana.

The Company’s flagship project, the Ewoyaa Lithium Project in Ghana, is a significant lithium pegmatite discovery on track to become the first producing lithium mine in West Africa. The project is funded to production under an agreement with Piedmont Lithium for US$102 million and is expected to produce a premium lithium product. A strong scoping study indicates that lifetime of mine revenues exceed US$1.5 billion.

The Company believes that a dual listing will benefit the Company in several respects. Listing on the ASX will draw attention to the company’s projects in a robust resource market where lithium exploration companies have recently attracted significant investor interest. An ASX listing will also allow existing investors to reposition UK-held securities in Australia, if they wish.

Conversion of depositary interests held in the UK into shares held in Australia

Holders of Custodian Interests (“DIs”) may, at any time, elect to cancel their DIs and convert them to a directly registered holding of Shares held on the Australian share register. Shareholders wishing to convert should, when the time comes, contact their stockbroker who should be able to initiate a CREST withdrawal on behalf of the holder by withdrawing IDs from CREST (the UK settlement system). This will instruct the Global Transactions team at our UK custodian, Computershare Investor Services PLC, to transfer the Shares in the holder’s name to the Australian share register.

Prior to listing on the ASX, when Shares are issued to a holder, a certificate will be sent to their registered address as proof of ownership. Once listed on the ASX, all existing Share certificates will be automatically canceled and converted to issuer-sponsored (i.e. non-certificated) form with holding statements sent. You will be able to trade the shares on the ASX once you receive your statement of ownership. DI holders who convert DI into shares after listing on the ASX will receive their shares in uncertified form, either on CHESS or the issuer-sponsored sub-registry, depending on demand.

If DI holders have any questions about the DI conversion process from the UK to Australia, they can contact Computershare’s Global Transactions team at:

T: +44 (0)370 702 0003 (ext. 1075)

E : [email protected]

Your interest

To be listed on the ASX, the Company will need to demonstrate that it will have sufficient shareholders to establish and maintain a market on the ASX, i.e. at least 300 unaffiliated shareholders, each holding a stake of at least AUD 2,000 value.

The company hopes, subject to meeting ASX admission requirements, to complete its ASX listing in Q3 2022.

Accordingly, the Company wishes to determine the level of interest of beneficial owners (via the registered DI holder, being their broker or custodian) in converting their DI into a directly registered holding of Shares held on the Australian Share Register. . If you or your client have an interest in undertaking this conversion process, please complete the form below and email it back to the Company at [email protected].

Queries

If you have any questions regarding the ASX listing or the attached form, please contact Amanda Harsas, Chief Financial Officer and Company Secretary at [email protected]

Thank you for your interest in Atlantic Lithium Limited.

yours faithfully

Neil Herbert

Executive Chairman

Atlantic Lithium Limited

___________________________________________________________________________

Details of the proposed conversion of DIs held in the UK into Shares held on the Australian share register:

Participant Code/CREST ID:

Member ID/designation:

Participant’s name:

Contact Name:

Phone Number.:

E-mail:

Beneficiary holding on the Australian Share Register

Shareholder name:

This information is provided by RNS, the information service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a primary information provider in the UK. Terms and conditions relating to the use and distribution of this information may apply. For more information, please contact [email protected] or visit www.rns.com.

THE SOURCE: Atlantic Lithium Limited

See the source version on accesswire.com:
https://www.accesswire.com/708252/Atlantic-Lithium-Limited-Announces-Corporate-Update–Proposed-Listing-on-ASX