Delaware
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001-38427
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00-0000000
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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32 North Main Street, Suite 100
Belmont, North Carolina
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28012
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol
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Name of exchange on which registered
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Common Stock, $0.0001 par value per share
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PLL
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The Nasdaq Capital Market
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Item 7.01 |
Regulation FD Disclosure.
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Item 9.01 |
Financial Statements and Exhibits.
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Exhibit No.
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Description
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Press Release of Piedmont Lithium Inc. dated July 1, 2021.
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PIEDMONT LITHIUM INC.
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Date: July 1, 2021
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/s/ Michael White
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Name:
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Michael White
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Title:
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Executive Vice President and Chief Financial Officer
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• |
PLL to acquire 9.47% of IronRidge Resources ("IRR”) and a 50% interest in IRR’s Ghana-based lithium portfolio
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$15mm equity placement and 50% project interest to be earned through staged investments over 3-4 years
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Binding supply agreement for 50% of IRR’s planned Ghanaian spodumene concentrate ("SC6”) production
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The IRR Ghana SC6 supply will support staged growth in Piedmont’s lithium hydroxide production
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o |
Feasibility Study of Carolina Lithium’s integrated 30,000 t/y LiOH on track for September 2021
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o |
30,000 t/y integrated LiOH project in Quebec to be evaluated jointly with Sayona Mining
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IRR SC6 supply provides optionality for incremental 30,000 t/y LiOH capacity at a site to be determined
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Hydroxide capacity to be developed in stages to minimize execution and funding risks
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Keith Phillips
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Brian Risinger
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President & CEO
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VP - Investor Relations and Corporate Communications
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T: +1 973 809 0505
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T: +1 704 910 9688
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E: kphillips@piedmontlithium.com
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E: brisinger@piedmontlithium.com
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Subscription
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Subscriber
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Piedmont Lithium Inc. (Nasdaq:PLL)
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Issuer
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IronRidge Resources (AIM:IRR)
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No. of Securities
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54,000,000 shares
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Subscription Price
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20p per share
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Total Investment
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£10,800,000 (approximately $15 million)
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Board Representation
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For so long as the Subscriber holds voting power of at least 9% in the Issuer, the Subscriber will have the right to
appoint one person as a non-executive director of the Issuer
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Conditions Precedent
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Completion of the subscription for shares is subject to the following conditions precedent:
• The Issuer
obtaining shareholder approval for the issue of the shares to the Subscriber;
• The Issuer and
the Subscriber obtaining all necessary regulatory approvals for the subscription for shares; and
• No material
adverse effect on the Issuer having occurred prior to the date the other conditions precedent are satisfied.
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Project Investment
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Project
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IronRidge Resources Ghana and its Affiliates ("IRR Ghana”)
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Initial Interest
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22.5% of IRR Ghana
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Initial Interest Consideration
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Piedmont will solely fund:
• $5 million of
exploration expenses
• $12 million of
definitive feasibility expenses
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Initial Interest Condition
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Piedmont’s Initial Interest will be issued upon:
• Completion of
definitive feasibility study
• Piedmont’s
election to proceed with further interest investment
• Piedmont will
be entitled to appoint 50% of the Board of Directors of IRR Ghana upon satisfaction of the Initial Interest Conditions
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Further Interest
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27.5% of IronRidge Resources Ghana and its Affiliates
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Further Interest Consideration
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Piedmont will solely fund the first $70 million of capital costs for the Ewoyaa Project
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Further Interest Conditions
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Commencement of funding of the Further Interest Consideration will occur upon:
• A Decision to
Mine undertaken by the Board of IRR Ghana
• Customary
Authorizations required for construction of the Ewoyaa Project
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Other
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The Parties will equally share any cost savings or overruns in the Initial or Further Interests
Customary representations, warranties, and pre-completion obligations
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Conditions Precedent
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The Initial and Further Interest are subject to the following Conditions Precedent
• Completion of
due diligence by both parties
• Completion of
the Share Subscription Agreement
• Obtainment of
all Authorizations, if any, including approval of FIRB of Australia
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Supply Agreement
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Buyer
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Piedmont Lithium Inc. (or its nominee)
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Seller
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IronRidge Resources and its Affiliates
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Product
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Spodumene concentrate containing 6.0% Li2O grade (dry basis)
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Quantity
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50% of Seller’s planned production
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Term
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Life-of-mine
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Price
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Market pricing (based on an average price for CIF China Price (US$) for 6.0% SC6 dry basis)
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Conditions
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• Buyer and
Seller agreeing to a start date for Product deliveries between July 2025 and July 2026 based on the development schedules of both parties
• Supply
Agreement is conditioned upon Piedmont’s satisfaction of earn-in obligations to acquire the Initial Interest and Further Interest of IRR Ghana
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