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LONDON - CleanTech Lithium PLC (AIM:CTL) announced Tuesday it has launched a retail offer to existing shareholders to raise up to £250,000, following its recently announced £4.7 million institutional fundraising.
The Chile-focused lithium exploration company is offering retail shareholders the opportunity to purchase new ordinary shares at 5 pence per share, matching the price offered to institutional investors in its earlier placing. Each new share comes with one warrant entitling holders to subscribe for an additional share at 6 pence during a period starting one year after admission and ending three years from that date.
The retail offer price represents a 26% discount to the company’s closing share price of 6.75 pence on August 8, the last trading day before the initial fundraising announcement.
The retail offer is conditional on shareholder approval at a general meeting scheduled for August 29 and admission of the new shares to trading on AIM, expected around September 1.
CleanTech Lithium said proceeds will fund initial payments for acquiring 30 additional licenses at its Laguna Verde project in Chile, final pre-feasibility study payments, direct lithium extraction technical work, and general working capital requirements.
The retail offer opened Tuesday morning and is scheduled to close on August 28. Existing shareholders can participate through authorized financial intermediaries. Fox-Davies Capital Limited is acting as the retail offer coordinator.
The company stated in the press release that it values its retail shareholder base, which has supported the company alongside institutional investors since its IPO in 2022.
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