FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
LONDON - CleanTech Lithium PLC, a company focusing on lithium projects in Chile, has successfully raised £2.4 million through the placement of 15 million new ordinary shares at a price of 16 pence each. This placement, which was announced on Monday, represents approximately 15.2% of the company’s enlarged share capital post-admission on the AIM market.
The newly issued shares come with a warrant entitlement, providing the right to subscribe for one new ordinary share at 11 pence, roughly 31% below the issue price, starting one year from the first admission date and up to four years thereafter.
Existing institutional shareholders from Asia, Australia, Europe, and the UK have shown strong support, with the majority of the placing shares allocated to them. The net proceeds are to be utilized for advancing the capital programs at the Laguna Verde project, completing the pre-feasibility study, funding the listing on the ASX, producing battery-grade lithium carbonate, and general working capital needs.
In addition to the placement, CleanTech has granted a Broker Option to Fox-Davies until February 25, 2025, which enables the handling of additional demand from investors who did not participate in the initial placing. The Broker Option shares and warrants, if issued, will match the terms of the placing shares and warrants.
Steve Kesler, Executive Chairman of CleanTech Lithium, expressed gratitude to investors for their support, emphasizing the use of the new funds for the Laguna Verde project, production of lithium carbonate, and the upcoming dual listing in Australia.
The company also confirmed the issuance of 211,228 new ordinary shares to former director Aldo Boitano as settlement for consultancy fees since September 2024. These shares are being issued at an average price of 20.97 pence per share, a premium compared to the closing mid-market price on February 10, 2025.
The admission of both the placing shares and settlement shares is expected to take effect on February 14, 2025, with total voting rights in the company reaching 99,446,901 following the issue and allotment.
This announcement is based on a press release statement and contains forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected. The placement is subject to regulatory approvals and market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.