Atlantic Lithium has announced that Ghana’s Minerals Income Investment Fund (MIIF) has committed to investing $32.9 million (£26.3 million) in the company and its subsidiaries in Ghana.
This significant investment from MIIF will provide crucial support for the development of the Ewoyaa lithium project and the broader Cape Coast lithium portfolio in Ghana, as stated by Atlantic Lithium.
The investment package includes a 6% equity interest in Atlantic’s Ghanaian portfolio, encompassing Ewoyaa, with funding allocated for development, exploration, and research expenses.
In addition to this equity stake, MIIF will subscribe to $5 million worth of Atlantic shares at a price of 21p per share, constituting 3.05% of the company’s share capital, along with a one-for-two warrant.
MIIF will also gain the privilege of nominating one director for each of Atlantic Lithium’s Ghanaian subsidiaries and participating in the bidding process for offtake agreements.
Neil Herbert, Executive Chairman of Atlantic Lithium, expressed his enthusiasm, stating, “MIIF’s investment, both at the listed company level and through Atlantic Lithium’s Ghanaian subsidiaries, represents a significant endorsement of the company’s achievements thus far and its potential to establish Ghana as a prominent producer of spodumene concentrate. An investment from Ghana’s sovereign wealth fund reflects the Ghanaian government’s confidence in the project.”
Edward Nana Yaw Koranteng, CEO of MIIF, emphasized the historical significance of this investment, marking MIIF’s inaugural foray into the global lithium sector, terming it a “watershed moment.”
