Bullish indicating open at $55-$60, IPO prices at $37
LONDON - Metals One Plc (AIM:MET1) has invested £1 million in CleanTech Lithium Plc (AIM:CTL), acquiring approximately 10.7% of the company’s enlarged share capital, according to a press release issued Monday.
The investment is part of CleanTech Lithium’s £4.3 million equity fundraise, with Metals One subscribing for 20 million new shares at 5 pence per share. The transaction remains conditional on CleanTech Lithium shareholders approving resolutions to issue the placing shares at a General Meeting scheduled for August 29.
CleanTech Lithium is developing lithium projects in Chile, including its flagship Laguna Verde project, which is at the Preliminary Feasibility Study (PFS) stage, and the Viento Andino project. The company’s combined portfolio has a JORC resource estimate of 2.55 million tonnes of lithium carbonate equivalent.
The funds will be used to acquire additional licenses for the Laguna Verde Project, complete the PFS and Direct Lithium Extraction technical work, and provide working capital. CleanTech Lithium plans to use Direct Lithium Extraction technology with brine reinjection, which the company states results in no aquifer depletion.
Craig Moulton, Chairman of Metals One, described the investment as "an opportunistic low value entry into what is expected to be Chile’s next major lithium project."
Metals One, which focuses primarily on uranium and gold projects, characterized the investment as a passive holding that does not confer any controlling interest or influence over CleanTech Lithium.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.