ALLIF - Atlantic Lithium soars after rejecting short-seller allegations

2023-03-09 07:30:02 ET

Atlantic Lithium ( OTCQX:ALLIF ) +31% in London trading Thursday, resuming trading after rejecting allegations in a short-seller report issued the previous day by Blue Orca Capital.

Atlantic's ( OTCQX:ALLIF ) shares fell 40% Wednesday and the company asked for a trading halt following the publication of the negative report, which alleged the company had paid off the family of a high-level politician in Ghana in return for mining licenses.

The report targeted Piedmont Lithium ( PLL ), which invested $100M in Atlantic ( OTCQX:ALLIF ) in 2021 to secure spodumene lithium ore from Atlantic's mine in Ghana.

Blue Orca said it is short Piedmont Lithium ( PLL ) because it "found evidence that mining licenses in Ghana were obtained through what appears to be textbook corruption, [which likely] kills the Ghana lithium project."

Rejecting Blue Orca's claims, Atlantic ( OTCQX:ALLIF ) said it holds valid prospecting licenses with operating permits for all of its current activities, which were acquired in accordance with Ghana's government and the Minerals Commission of Ghana.

Largely funded by Piedmont ( PLL ), Atlantic Lithium's ( OTCQX:ALLIF ) Ewoyaa project is scheduled to come online next year .

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