
October 09, 2024
CleanTech Lithium PLC ("CTL", "CleanTech Lithium" or the "Company"), an exploration and development company advancing lithium projects in Chile for the clean energy transition, is pleased to announce the results of the Placing announced on 8 October 2024, which was oversubscribed and scaled back.
Results of the Placing
The Placing raised gross proceeds of £2.5 million through the issue of 22,727,266 new ordinary shares ("Placing Shares") at an Issue Price of 11 pence per share. The net proceeds from the Placing will be applied to CTL's flagship project, Laguna Verde, and critical work programmes to produce battery-grade lithium carbonate for potential strategic partners to test, and for general working capital requirements.
The Placing Shares represent approximately 13.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("AIM"). This has been a necessary interim fundraising as the Company pursues its dual listing on the Australian Securities Exchange ("ASX").
Related Party
As a part of the Placing and on the same terms as all other placees, Regal Funds1, which is currently interested in approximately 15 per cent. of the Company's issued share capital and therefore a Related Party under the AIM Rules, has agreed to subscribe for 1,727,272 Placing Shares. As such, Regal Funds participation is a Related Party Transaction for the purposes of Rule 13 of the AIM Rules. Accordingly, the Directors of the Company, all independent, consider, having consulted with Beaumont Cornish Limited, the Company's Nominated Adviser, that the terms of the subscription by Regal Funds are fair and reasonable insofar as the Company's shareholders are concerned.
1Regal Funds comprising Regal Funds Management Pty Limited and its associates (including Regal Partners Limited, of which Regal Funds Management Pty Limited is a wholly owned subsidiary) which act as trustee and investment advisor for certain funds
Directors Participation
Furthermore, Tommy McKeith, a director of the Company, has participated in the Placing by subscribing for 454,545 Placing Shares for an aggregate value of £50,000. Accordingly, Tommy McKeith is now interested in 909,091 Ordinary Shares representing 0.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares.
Broker Warrants
In connection with the Placing 1,389,388 Broker Warrants have been issued exercisable at a price equal to the Issue Price up until five years from their date of grant, being the date of completion of the Placing.
Admission and Trading
The Placing remains conditional on the admission of the Placing Shares to trading on AIM becoming effective ("Admission"). It is expected that Admission will occur at 8.00 a.m. on 14 October 2024.
Total voting rights
Following Admission, the Company will have a total of 167,889,592 Ordinary Shares in issue. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. Words and expressions defined in the Company's announcement of 8 October 2024 shall have the same meaning in this announcement.
Steve Kesler, Executive Chairman and Interim CEO of CleanTech Lithium Plc, commented:
"Thank you to all the investors that have supported CleanTech Lithium in the latest Placing. We are delighted to see the return of existing shareholders and welcome new shareholders who have shown, despite difficult market conditions, their confidence in the Company as we develop responsibly sourced lithium in Chile via Direct Lithium Extraction.
The new funds will be focused on the Laguna Verde project and producing battery-grade lithium carbonate for potential strategic partners as well as maintaining our active engagement with indigenous communities whilst we pursue the dual listing in Australia.
Investors will know we have been one of the most active companies in Chile using DLE to establish ourselves as a leading lithium explorer and developer. We are completely aligned to Chile's National Lithium Strategy which aims to forge public-private partnerships with sustainable technologies leading the way for lithium extraction in the country.
Our Board would like to take this opportunity to thank all the investors for providing the funding for the Company to meet our planned milestones over the coming months and so deliver value to all our stakeholders."
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Sole Broker and Bookrunner) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
CleanTech Lithium:
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
CTLHF
Sign up to get your FREE
CleanTech Lithium Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
The Conversation (0)
13 April
CleanTech Lithium
Sign up to get your FREE
CleanTech Lithium Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Premium lithium projects located in established mining districts to meet battery and EV demand
30 October 2024
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... Keep Reading...
30 September 2024
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... Keep Reading...
27 September 2024
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... Keep Reading...
11 September 2024
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... Keep Reading...
27 August 2024
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... Keep Reading...
11h
Successful A$4.5M Placement to Accelerate Battery, REE and Solar Panel Recycling Growth
Livium Ltd (ASX: LIT) (“Livium” or the “Company”) is pleased to announce it has received firm commitments from new and existing, institutional and sophisticated investors to raise $4.5m (“Placement”) before costs. HighlightsFirm commitments of A$4.5m received from institutional and sophisticated... Keep Reading...
15 October
7 Biggest Lithium-mining Companies in 2025
For a long time, most of the world's lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as... Keep Reading...
15 October
Livium Ltd (ASX: LIT) – Trading Halt
Trading in the securities of Livium Ltd (‘LIT’) will be halted at the request of LIT, pending the release of an announcement by LIT. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of: the commencement of normal trading on Friday, 17 October 2025; orthe... Keep Reading...
14 October
GM Takes US$1.6 Billion Hit on EV Realignment as US Policy Shift Clouds Market Outlook
General Motors (NYSE:GM) will take a US$1.6 billion charge tied to its electric vehicle (EV) production realignment as the federal government rolls back clean energy incentives and emissions standards.In a regulatory filing on Tuesday (October 14), GM said the charges include a US$1.2 billion... Keep Reading...
13 October
EUR Sells a Further 3.85 Million CRML Shares for US$50M (A$76M) to a US Institutional Investor
European Lithium Ltd (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) in an off-market transaction has sold a further 3.85 million CRML shares to a single US institutional investor at US$13 per share (a 12%... Keep Reading...
12 October
Successful A$4.5m Two Tranche Placement
Green Technology Metals (GT1:AU) has announced Successful A$4.5m Two Tranche PlacementDownload the PDF here. Keep Reading...
Latest News
Sign up to get your FREE
CleanTech Lithium Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00