Open Offer, Posting of Circular & GM Notice

Open Offer, Posting of Circular & GM Notice

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition, is pleased to announce that further to its announcements of 21 and 22 November 2023 in relation to the Placing, CTL is today posting a circular to Shareholders, setting out details of the Placing and the Open Offer and including a notice of General Meeting ("GM") (the "Circular").


As announced on 22 November 2023, CleanTech Lithium has conditionally raised £8 million (before expenses) by way of a placing of 36,363,638 New Ordinary Shares at a price of 22 pence per Placing Share. Approximately £3.1 million has been raised pursuant to the Firm Placing with the balance being raised under the Conditional Placing, conditional upon Shareholders approving the Resolutions at the GM, notice of which is set out at the end of the Circular.

The Placing Shares carry a warrant entitlement of one Warrant for every two Placing Shares and the grant of the Warrants attaching to the Conditional Placing Shares is also subject to Shareholder approval of the relevant Resolution. A Warrant grants the holder the right to subscribe for one new Ordinary Share at 33 pence and is exercisable during the period commencing on the date of grant and ending on 14 December 2026.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the announcement published by the Company on 21 November 2023 in connection with the Fundraising.

Details of the Open Offer

The Company considers it important that Qualifying Shareholders have an opportunity (where it is practicable for them to do so) to participate in the Fundraising and accordingly the Company is making the Open Offer to Qualifying Shareholders. The Company is proposing to raise up to approximately £0.5 million (before expenses) through the issue of up to 2,365,188 Open Offer Shares. The Open Offer is conditional upon, inter alia, the passing of the Resolutions at the GM.

The Open Offer Shares are available to Qualifying Shareholders pursuant to the Open Offer at the Issue Price of 22 pence per share, being the same price per share as the Placing. Open Offer Shares carry a warrant entitlement of one Warrant for every two Open Offer Shares, again on the same terms as the Placing.

A Warrant grants the holder the right to subscribe for one new Ordinary Share at 33 pence and is exercisable during the period commencing on the date of grant and ending on 14 December 2026.

Open Offer Shares applied for pursuant to the Open Offer are payable in full on acceptance. Any Open Offer Shares not subscribed for by Qualifying Shareholders will be available to Qualifying Shareholders under the Excess Application Facility. Qualifying Shareholders may apply for Open Offer Shares under the Open Offer at the Issue Price on the following basis:

1 Open Offer Share for every 45 Existing Ordinary Shares held by the Qualifying Shareholder on the Record Date

Entitlements of Qualifying Shareholders will be rounded down to the nearest whole number of Open Offer Shares. The Entitlements of Qualifying Shareholders to Warrants will be rounded down to the nearest whole number of Warrants. Fractional entitlements which would otherwise arise will not be issued to the Qualifying Shareholders but will be made available under the Excess Application Facility. The Excess Application Facility enables Qualifying Shareholders to apply for Excess Open Offer Shares in excess of their Open Offer Entitlement. Not all Shareholders will be Qualifying Shareholders. Shareholders who are located in, or are citizens of, or have a registered office in certain overseas jurisdictions will not qualify to participate in the Open Offer. The attention of Overseas Shareholders is drawn to paragraph 6 of Part III of the Circular.

Valid applications by Qualifying Shareholders will be satisfied in full up to their Open Offer Entitlements as shown on the Application Form. Applicants can apply for less or more than their entitlements under the Open Offer but the Company cannot guarantee that any application for Excess Open Offer Shares under the Excess Application Facility will be satisfied as this will depend in part on the extent to which other Qualifying Shareholders apply for less than or more than their own Open Offer Entitlements. The Company may satisfy valid applications for Excess Open Offer Shares of applicants in whole or in part but reserves the right not to satisfy any excess above any Open Offer Entitlement. Applications made under the Excess Application Facility will be scaled back pro rata to the number of shares applied for if applications are received from Qualifying Shareholders for more than the available number of Excess Open Offer Shares.

Application has been made for the Open Offer Entitlements to be admitted to CREST. It is expected that such Open Offer Entitlements will be credited to CREST on 24 November 2023. The Open Offer Entitlements will be enabled for settlement in CREST until 11.00 a.m. on 13 December 2023. Applications through the CREST system may only be made by the Qualifying CREST Shareholder originally entitled or by a person entitled by virtue of bona fidemarket claims. The Open Offer Shares must be paid in full on application. The latest time and date for receipt of completed Application Forms or CREST applications and payment in respect of the Open Offer is 11.00 a.m. on 13 December 2023. The Open Offer is not being made to certain Overseas Shareholders, as set out in paragraph 6 of Part III of the Circular.

Qualifying Shareholders should note that the Open Offer is not a rights issue and therefore Open Offer Entitlements may not be traded and the Open Offer Shares which are not applied for by Qualifying Shareholders will not be sold in the market for the benefit of the Qualifying Shareholders who do not apply under the Open Offer. The Application Form is not a document of title and cannot be traded or otherwise transferred.

Further details of the Open Offer and the terms and conditions on which it is being made, including the procedure for application and payment, are contained in Part III of the Circular and on the accompanying Application Form.

The Open Offer is conditional on, inter alia, Shareholders approving the Resolutions at the General Meeting and the Placing becoming or being declared unconditional in all respects. Accordingly, if these conditions are not satisfied or waived (where capable of waiver), the Open Offer will not proceed, and the Open Offer Shares will not be issued, and all monies received by the Registrars will be returned to the applicants (at the applicant's risk and without interest) as soon as possible thereafter. Any Open Offer Entitlements admitted to CREST will thereafter be disabled.


Click here for the full Press Release

This article includes content from CleanTech Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CTLHF
CleanTech Lithium

CleanTech Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
CleanTech Lithium

CleanTech Lithium


Keep reading...Show less

Premium lithium projects located in established mining districts to meet battery and EV demand

CleanTech Lithium PLC Announces Notice of AGM

CleanTech Lithium PLC Announces Notice of AGM

 

CleanTech Lithium PLC Notice of Annual General Meeting

 

CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF) ("CleanTech Lithium" or the "Company"), an exploration and development company advancing sustainable lithium projects in Chile, will hold its Annual General Meeting ("AGM") at the offices of the Company at de Carteret House, 7 Castle Street, St Helier JE2 3BT on 26 November 2024 at 11:00AM GMT

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CleanTech Lithium PLC Announces Interim Results

CleanTech Lithium PLC Announces Interim Results

 

Interim Results for six-month period ending 30 June 2024

 

CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development companyadvancing sustainable lithium projects in Chile for the clean energy transition, is pleased to announce its unaudited Interim Results for the six-month period ended 30 June 2024 ("1H 2024" or "the Period").

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CleanTech Lithium PLC Announces CEOL Update

CleanTech Lithium PLC Announces CEOL Update

 

Chilean Government prioritises Laguna Verde for CEOL

 

CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing lithium projects in Chile for the clean energy transition, reports an announcement by the Chilean Government on the Expressions of Interest ("RFIs") process under which the Company made submissions in June 2024. This is part of the process for the awarding of a Special Lithium Operating Contract ("CEOL") to enter production

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CleanTech Lithium PLC Announces Community Support for Laguna Verde Project

CleanTech Lithium PLC Announces Community Support for Laguna Verde Project

 

Indigenous community leader publicly endorses Laguna Verde project at key mining seminar in Santiago, Chile

 

CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, participated in the Centre for Copper and Mining Studies ("CESCO") seminar in Santiago, a prominent annual seminar for the mining sector in Chile, and received public support from the local indigenous community for its Laguna Verde project. Executive Chairman and Interim CEO, Steve Kesler, presented and reinforced the Company is ready to begin project construction by 2026 upon the granting of a Special Lithium Operating Contract ("CEOL") by the Chilean Government

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CleanTech Lithium PLC Announces Transfer of Loan Notes at Regal Funds

CleanTech Lithium PLC Announces Transfer of Loan Notes at Regal Funds

 

CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces the transfer of AUD Loan Notes (Loan Notes) from one Regal Funds1 associate to another Regal Funds associate

 

On 1 July 2024, the Company announced that Regal Tactical Credit Fund (RTCF), of which Regal Funds Management Pty Ltd (RFM) is a trustee, subscribed for A$3,000,000 of the Loan Notes. The Company has recently received a request by RFM to transfer the beneficial ownership of the Loan Notes and Warrants held by RTCF to Regal Emerging Companies Opportunities Fund Pty Ltd (RECOF), of which RFM is also a trustee, to which it has consented

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Glowing blue neon batteries with lightning symbols on a dark gradient background.

Top 3 US Lithium Stocks of 2025

As the global economy shifts toward electrification and clean energy, lithium has emerged as a cornerstone of the energy transition, and the US is racing to secure its place in the supply chain.

Lithium-ion batteries are no longer just critical to electric vehicles (EVs); they're becoming vital across sectors to stabilize power systems, particularly amid growing reliance on intermittent renewables.

According to Fastmarkets, demand for battery energy storage systems (BESS) is accelerating, driven by data centers, which have seen electricity consumption grow 12 percent annually since 2017.

Keep reading...Show less
Digital globe and battery with lightning icon on dark background.

Lithium Market Update: Q2 2025 in Review

The second quarter of 2025 brought more downward pressure for lithium prices, as values for lithium carbonate continued to contract, slipping to their lowest level since January 2021.

After starting the year at US$10,484.37 per metric ton, battery-grade lithium carbonate rose to a year-to-date high of US$10,853.85 on January 27. Prices sank through Q1 and most of Q2, bottoming at US$8,329.08 on June 24.

Keep reading...Show less
Digital hexagons overlay construction site with an excavator and cloudy sky in the background.

Ekin Ober on Why AI Could Be Mining’s Most Valuable Tool Yet

For Ekin Ober, bringing generative artificial intelligence (AI) to the critical metals sector through her work at Aethos Labs wasn’t just about technological innovation — it reshaped how she thinks about strategy and sustainability in mining.

Now a principal at Kinterra Capital, Ober applies that broad, cross-disciplinary lens to investment decisions, emphasizing the importance of digital fluency, stakeholder alignment and long-term viability.

Her experience helps her identify operational bottlenecks and social license challenges early — essential in guiding assets like nickel and copper projects from concept to production.

Keep reading...Show less
Stacks of US$100 bills with upward-pointing wooden arrows.

Chris Berry: The West Must Invest in Refinement Now or Fall Further Behind

China’s grip on the battery metals sector has drawn increasing scrutiny in recent years as nations confront growing concerns around supply chain risk and resource security.

Through a blend of domestic output and aggressive overseas investment, particularly in Africa and South America, Chinese companies now command a significant share of upstream supply.

The country is responsible for roughly 60 percent of global rare earths production and controls over 70 percent of cobalt supply through its stakes in mines across the Democratic Republic of Congo.

Keep reading...Show less
Magnifying glass focusing on the Albemarle website logo.

Albemarle's Commitment to Sustainability Shines in New Report

As global demand for critical minerals intensifies, Albemarle (NYSE:ALB) continues to position itself as a global leader not only in lithium production but also in sustainable practices.

In its newly released 2024 sustainability report, titled “Values-Led, Purpose-Driven,” the company underscores its commitment to reducing its environmental footprint across six continents, supporting global supply chains and promoting human rights across operations.

From cutting freshwater intensity at its Chilean operations by 28 percent to procuring 24 percent of its electricity from renewable sources, Albemarle is striving to grow its energy storage business while keeping carbon emissions flat, as it translates ESG goals into action.

Keep reading...Show less
CleanTech Lithium

CleanTech Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×