CleanTech Lithium Upsizes Fundraising

CleanTech Lithium (AIM: CTL)

Announced the successful completion of the Placing and Retail Offer announced on 20th October 2022 , conditional inter alia on shareholder approval.

The Fundraising raised gross proceeds of approximately £12.3 million and was upsized due to investor demand.  

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CleanTech Lithium

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CleanTech Lithium AIM:
Stage Exploration
Metals Lithium
Market cap £38 m @ 47.25p
Location Chile
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RNS Number : 6895D
CleanTech Lithium PLC
21 October 2022

 

CleanTech Lithium PLC – Results of Fundraising

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CleanTech Lithium PLC (AIM: CTL), “CleanTech Lithium” or the “Company”), a company involved in the exploration and development of three lithium projects in Chile, is pleased to announce the successful completion of the Placing and Retail Offer (together the “Fundraising”) announced on 20th October 2022 (the “Launch Announcement”), conditional inter alia on shareholder approval. The Fundraising raised gross proceeds of approximately £12.3 million and was upsized due to investor demand.

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Results of the Fundraising

A total of 25,531,915 Placing Shares will be issued to new and existing institutional investors pursuant to the Placing by Fox-Davies Capital Limited and Canaccord Genuity Limited (together the “Joint Bookrunners”), at the Issue Price. In addition, 568,343 Retail Offer Shares will be issued to retail shareholders who subscribed through the PrimaryBid platform at the Issue Price pursuant to the Retail Offer.

A total of 26,100,258 Fundraising Shares will therefore be issued pursuant to the Fundraising representing approximately 24.83 per cent. of the Company’s enlarged ordinary share capital following Admission.

The Issue Price represents a 3.98 per cent. discount to the 10-day VWAP on 19 October 2022.

The Fundraising Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Fundraising Shares.

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General Meeting and Posting of Circular

The Fundraising is subject to shareholder approval at the General Meeting (“GM”), expected to be held on 14 November 2022. The Company expects to publish, on or about 24 October 2022, a shareholder circular to convene the General Meeting and a further announcement will be made in due course.

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Admission and Trading

Application will be made to London Stock Exchange for the Fundraising Shares to be admitted to trading on AIM. It is currently expected that Admission will become effective, and trading of the Fundraising Shares will commence on AIM, at 8.00 a.m. on 16 November 2022.

Words and expressions defined in the Launch Announcement shall have the same meaning in this announcement.

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Aldo Boitano, Chief Executive Officer of CleanTech Lithium Plc, commented:

“We are delighted at the outcome of the Placing which was oversubscribed and undertaken at a time of very difficult market conditions. 

“We have secured some terrific new names on our share register and have also received excellent support from some of our current shareholders who have invested again in this round, some increasing their stake in the Company. 

“We are very grateful for this support and believe this demonstrates the confidence of investors in our plans to deliver material growth for the Company over the coming years. 

The new funds will enable the Company to progress our resource evaluation programmes on all three of our projects and will also allow us to undertake additional drilling activities at Llamara, should we have success on the exploration well. 

“We are excited about the possibilities on that opportunity and should be reporting the results of the three drilling campaigns in Q1 2023 and Q2 2023, hopefully providing upgrades to our overall resource base, with more resource being categorised as Measured and Indicated. 

“The new funds will also allow us to complete the important technical work being progressed on the EIA, Scoping and Hydrogeology Studies, and also on the Laguna Verde PFS when commenced in the near future.

Our Board is looking forward to the future with confidence and the new funds will provide the financial firepower to help us achieve our goals and deliver the increase in shareholder value we believe is possible.”     .

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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