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LONDON - CleanTech Lithium PLC, a company engaged in lithium project development in Chile, has announced a retail offer to its UK shareholders as part of a broader fundraising initiative. The offer, which opened at 7:00 a.m. on Monday, February 17, 2025, allows existing shareholders to purchase new ordinary shares at the same financial terms as the institutional investors.
This retail offer follows the company's announcement on February 10, 2024, of an accelerated bookbuild aimed at raising £2.4 million through the placement of 15,000,000 new ordinary shares at an issue price of 16 pence per share. Additionally, the company has provided a broker option to raise up to an additional £2.0 million until 5:00 p.m. on February 25, 2025.
Each share from this placement comes with a warrant entitlement, granting the holder the right to subscribe for one new ordinary share at a price of 11p, which is around 31% below the issue price. This warrant can be exercised from one year after the first admission of the placing shares to trading on AIM until four years from that date.
The retail offer is made at the same 16 pence issue price per share and includes a similar warrant entitlement for each retail offer share. The issue price represents a discount of approximately 1.6% to the closing share price on February 7, 2025. The total amount raised through the broker option and the retail offer will not exceed £2 million.
The offer is contingent on the passing of relevant resolutions at a general meeting scheduled for March 19, 2025, and the subsequent admission of the retail offer shares to trading on the AIM market of the London Stock Exchange (LON:LSEG), expected to occur on or about March 20, 2025.
Proceeds from the broker option and the retail offer are intended to repay the company's outstanding loan notes, as detailed in an announcement on July 1, 2024.
CleanTech Lithium values its retail shareholder base and has made this offer available through financial intermediaries listed on a designated website. Fox-Davies Capital Limited is acting as the sole retail offer coordinator.
Existing retail shareholders in the United Kingdom (TADAWUL:4280) can participate in the offer through their brokers or wealth managers, provided they are registered on the BookBuild platform and agree to the offer's terms and conditions. The offer is expected to close at 4:00 p.m. on February 24, 2025, but may close earlier if oversubscribed.
This article is based on a press release statement from CleanTech Lithium PLC.
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