Atlantic Lithium completes Ricca Resources demerger

Africa-focussed lithium exploration and development company Atlantic Lithium announced on Friday that the distribution of all of the shares it held in Ricca Resources to eligible shareholders was now complete.

The AIM-traded firm also said Ricca had completed its non-renounceable pro rata rights issue offer to eligible Atlantic Lithium shareholders, in line with the timetable detailed in November.

It said share certificates were being dispatched to Ricca shareholders by post today, with the number of fully-paid ordinary shares on issue in Ricca standing at 143,435,996.

“The demerger of Ricca and the company's gold assets completes the process that allows Atlantic Lithium to focus exclusively on lithium, to realise the full potential of its asset portfolio and deliver value to Atlantic Lithium shareholders,” the board said in its statement.

At 1206 GMT, shares in Atlantic Lithium were up 1.82% at 22.91p.