Atlas Lithium raises $10 million from institutional investors

Atlas Lithium Corporation (NASDAQ: ATLX) entered into securities purchase agreements with two U.S. institutional investors for a registered direct offering of 2.5 million common shares at $4.00 per share, the company announced December 5.

The offering will generate gross proceeds of approximately $10 million before deducting placement agent commissions and other expenses. The transaction is expected to close on or about December 8, subject to customary closing conditions.

Atlas Lithium plans to use the net proceeds to advance its Neves Lithium Project toward production, along with working capital and general corporate purposes. The company develops lithium projects in Brazil.

"We are honored to add as our newest shareholders these two premier, fundamental institutional investors," said Marc Fogassa, chairman and CEO of Atlas Lithium. "We believe that their investment strengthens our corporate profile as well as our balance sheet."

A.G.P./Alliance Global Partners serves as the sole placement agent for the offering.

The offering is conducted under an effective shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on September 3. A prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC.

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