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LONDON - CleanTech Lithium PLC (AIM:CTL), a company developing lithium projects in Chile, announced Wednesday it is seeking shareholder approval for a recently announced £4.3 million capital raise and acquisition of additional licenses at its Laguna Verde project.
The company has called a general meeting for August 29 at its Jersey offices to vote on resolutions related to a conditional placing of 86 million new shares at 5 pence per share, announced earlier this week on August 11.
According to the announcement, CleanTech Lithium has signed a binding agreement to acquire 30 additional licenses in the Laguna Verde project area from Chilean family office Minergy Chile SpA. The funding will support this acquisition and ongoing operations.
The company is also seeking approval to restructure terms of its 2024 Bridge Financing and implement board changes that will reduce its size to two directors. Steve Kesler will revert to Non-Executive Chairman while Gordon Stein, Maha Daoudi, and Tommy McKeith will step down from the board. Stein will continue as CFO until February 11, 2026.
The board has unanimously recommended shareholders vote in favor of the resolutions, warning that if they are not passed, the company would only receive proceeds from the firm placing portion of the fundraise and would be unable to repay loan notes that would become immediately due.
If approved, the conditional placing shares are expected to begin trading on AIM on September 1.
The company is also planning a retail offer to existing shareholders at the same issue price, with details to be announced separately.
This article is based on a press release statement from CleanTech Lithium.
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