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LONDON - CleanTech Lithium PLC, a lithium exploration and development company focused on Chilean projects, has announced plans to raise up to £2.4 million through an accelerated bookbuild. The fundraising includes the issuance of new ordinary shares at a price of 16 pence per share.
The company also granted a broker option to Fox-Davies Capital Limited, which could potentially raise an additional £2.0 million at the same issue price until February 25, 2025. This fundraising initiative is accompanied by a warrant entitlement, with each warrant granting the right to subscribe for one new ordinary share at a price of 11 pence, approximately 31% below the issue price.
CleanTech Lithium is advancing its lithium projects to meet the growing demand for clean energy. The funds raised will support the completion of the Pre-Feasibility Study at Laguna Verde by the end of Q1 2025, contribute to the company’s listing on the Australian Securities Exchange (ASX), and facilitate the production of battery-grade lithium carbonate samples for potential strategic partners and off-takers. The company aims to become a low-cost lithium producer, capitalizing on Chile’s position in the lithium market.
The decision to proceed with the interim fundraising follows offers from several existing shareholders and is part of the company’s strategy to achieve a dual listing on the ASX, enhancing market visibility and access to a broader investor base.
The issuance of shares will utilize the company’s existing authorities granted at its Annual General Meeting in November 2024. Approval from shareholders will be required for the issuance of the broker option shares and attached warrants on a non-pre-emptive basis.
Steve Kesler, Executive Chairman of CleanTech Lithium, expressed gratitude to investors for their continued support and emphasized the company’s commitment to the lithium market’s long-term potential. The company is currently working on obtaining a Special Lithium Operating Contract from the Chilean Government, which will further its goal of becoming a significant player in the lithium sector.
The announcement is based on a press release statement and includes information verified through independent sources. CleanTech Lithium’s progress towards its fundraising goals reflects its strategic efforts to position itself within the evolving clean energy landscape.
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