Atlantic Lithium Ltd (AIM: ALL, OTCQX: ALLIF, ASX: A11) has entered into binding financing agreements with Long State Investments to raise up to £28 million over the next 24 months, with the funds earmarked to advance the company’s flagship Ewoyaa Lithium Project in Ghana.
The package includes an initial £8 million share placing along with a committed equity facility of up to £20 million, subject to shareholder approval. Atlantic Lithium noted that its largest shareholder, Assore International Holdings, has already expressed support for the proposal.
Chief executive Keith Muller said the agreements provide both immediate and longer-term access to funding at a critical point in the project’s development. He described the funding as timely, particularly given the weak lithium pricing environment and the ongoing delay in ratifying the Ewoyaa Mining Lease, adding that the structure helps minimise shareholder dilution while giving the company maximum control over when and how the funds are drawn.
Muller also pointed to Long State’s track record of backing high-growth companies to deliver on their strategic objectives.
Philip Ho, managing director of Long State Investments, said the firm was pleased to support Atlantic Lithium at such an important stage, describing Ewoyaa as a “high-quality, strategically significant asset” with the potential to become Ghana’s first lithium-producing mine. He added that the project is underpinned by strong fundamentals and improving market dynamics, making Atlantic Lithium a highly attractive investment opportunity.
