REG - CleanTech Lithium - Appointment of Australian NED and Board Changes

Cleantech LithiumAnnouncement

21/06/2023 07:00

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RNS Number : 3636D  CleanTech Lithium PLC  21 June 2023

21 June 2023

 

CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the "Company")

Appointment of Australian Independent Non-Executive Director ahead of planned
ASX dual-listing

Changes to the Board and Board Committees structure

 

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTC:CTLHF), an exploration and
development company advancing next-generation sustainable lithium projects in
Chile for the EV transition, announces the appointment of an Australian-based
Independent Non-Executive Director and other changes to the Board and Board
Committees structures with immediate effect.

 

·      Tommy McKeith, based in Perth, Australia, appointed as an
additional independent Non-Executive Director ('NED') with immediate effect
ahead of the Company's planned listing on the Australian Securities Exchange
(ASX) in Q3 2023

·      Jonathan Morley-Kirk becoming Senior Independent Non-Executive
Director, previously Non-Executive Director, following Dr. Steve Kesler's
moving to the Executive Chairman position earlier this year

 

Appointment of an Australian-based Independent Non-Executive Director:

Mr McKeith is an experienced public company director and geologist with over
30 years of mining company leadership, corporate development, project
development and exploration experience. He's held roles in an international
mining company and across several ASX listed mining companies. Mr McKeith
currently serves as Non-Executive Director of Evolution Mining Limited and as
Non-Executive Chairman of Arrow Minerals Limited. Having worked in bulk, base
and precious metals across numerous jurisdictions, including operations in
Canada, Africa, South America and Australia, Mr McKeith brings strategic
insights to CTL with a strong focus on value creation that will support the
leadership of the Company's Chief Executive Officer, Aldo Boitano, alongside
Dr. Kesler as Executive Chairman.

 

Mr McKeith holds a B.Sc (Geology), a Graduate Diploma in Engineering and an
MBA (all from University of the Witwatersrand in South Africa).  He has also
been a Fellow of the Australian Institute of Mining and Metallurgy since
2009.

 

Other Board Structure Changes:

Jonathan Morley-Kirk has become Senior Independent Non-Executive Director
following Dr. Steve Kesler's moving to the Executive Chairman position earlier
this year. This decision has been made to continue the open dialogue with
shareholders and offer an alternative point of contact for investors and the
Company. Jonathan Morley-Kirk will play a more active role in nurturing these
relationships should shareholders have any concerns, while continuing to work
closely with the executive team.

 

Steve Kesler, Executive Chairman of CleanTech Lithium, said:

"Tommy McKeith has considerable Board experience in Australia and a wealth of
knowledge, including developing and operating mining projects around the
world, including Chile, and as our Australian resident Independent
Non-Executive Director will greatly help the Company gain the most it can from
the planned listing on the ASX.

 

"I am delighted that he is joining our Board as we look to expand our reach
into the Australian market, which has an established reputation for supporting
junior mining companies and where we already have a strong shareholder base.

 

"The appointment of Tommy, alongside the other changes to the Board, will also
help us deliver on our aim to become a material supplier of green lithium to
the global EV market and grow the value of the Company, as we progress the
next phase of our development, including the construction of a DLE pilot
plant, updating our lithium resources and concluding the scoping study at
Fransisco Basin and the PFS at Laguna Verde."

 

Tommy McKeith, Non-Executive Director of CleanTech Lithium, said:

"The significant progress that's already been made at CleanTech Lithium,
combined with the capabilities and skills of the Company's senior management
team and partners, was a great attraction and the reason I was delighted to be
asked to join the Board. As we prepare to list on the ASX, having a presence
here in Australia will bring new opportunities for CTL as we advance towards
commercial production. It is a jurisdiction that values the vital role mining
and the commodities industries play in providing the materials to develop our
global economies.  I look forward to opening doors for CTL in Australia
through my strong network of investors, banks and various other stakeholders.

 

"Lithium is experiencing unprecedented demand, largely driven by the
transition to decarbonise transport through electrification. CTL's proposition
of green lithium via sustainable extraction methods excites me and I am
looking forward to be part of the team who will strive to deliver this."

 

Board Composition

 

With the appointment of Mr McKeith, the Company's Board is now made up of 6
directors as follows:

·      Executive Chairman - Steve Kesler

·      CEO - Aldo Boitano

·      CFO - Gordon Stein

·      Senior Independent Non-Executive Director - Jonathan Morley-Kirk

·      Independent Non-Executive Director - Maha Daoudi

·      Independent Non-Executive Director - Tommy McKeith

The Company's Board now comprises three Executive Directors and three
Independent Non-Executive Directors, in full compliance with the QCA Code on
Board composition, as referred to in the Company's recently released Annual
Report & Financial Statement for 2022.

Board Committees:

The Board has made the following changes to the Board Committee structure to
better reflect the Directors' skills:

·      Tommy McKeith will become a member of the Audit Committee, with
Jonathan-Morley Kirk remaining as Chairman.

·      Tommy McKeith will chair the Remuneration Committee, with Maha
Daoudi as the other member.

·      Maha Daoudi will chair the newly created ESG Committee, with
Jonathan Morley-Kirk and Aldo Boitano as the other members.

Granting of share options:

As part of the remuneration package and in accordance with the Company's
remuneration strategy on joining the Company Mr McKeith is today awarded
204,000 share options at a 57p/share exercise price, vesting on a time-basis
over a two-year period. This is in line with the share options awarded to the
other two Non-Executive Directors Maha Daoudi and Jonathan Morley-Kirk, who
joined the Company earlier.

 

In addition, 200,000 options have also been awarded to one new member of the
Company's senior management team. These options are subject to performance
measures linked to the Company's strategic milestones namely, the successful
achievement of JORC resource upgrades, a successful PFS at Laguna Verde and
the success of the pilot plant producing battery grade lithium carbonate or
lithium hydroxide ("Vesting Criteria"), consistent with the performance
measures already established for other members of the executive senior
management team.

 Directors, management, staff and contractors  Number of  Exercise  Expiry

                                               options    price     date
 Tommy McKeith                                 204,000    57 pence  *
 Other management - 1 staff member             200,000    57 pence

                                                                    **
 Total                                         404,000

 

*  The fifth anniversary after the relevant vesting dates

** The fifth anniversary after the Vesting Criteria have been fully met

 

Following these grants, there are currently 8,732,000 share options
outstanding representing 8.29% of the existing issued share capital of the
Company.

 

The information contained in Appendix 1 below is disclosed in accordance with
Article 19 of the Market Abuse Regulation.

 

Further AIM disclosures relating to Mr McKeith's appointment:

Mr Thomas ("Tommy") David McKeith, aged 59, has held the following
directorships and/or partnerships in the past 5 years:

 

 Current:                          Past:
 Arrow Minerals Limited            Genesis Minerals Limited
 Arrow (Strickland) Pty Ltd        Prodigy Gold NL
 Arrow (Deralinya) Pty Ltd         Callidus Resource Capital Pty Ltd
 Arrow (Plumridge) Pty Ltd         Plutonic Limited
 Arrow (Pardoo) Pty Ltd            ABM Resources NL (now knows as Rare Resources NL)
 Arrow (Leasing) Pty Ltd           Ulysses Mining Pty Ltd
 Boromo Gold Pty Ltd               Angloba Pty Ltd
 Evolution Mining Ltd              Swift Exploration Pty Ltd
 GeoAlliance SARL
 GenGold Resources Cote D'Ivoire
 GenGold Resource Capital Pty Ltd
 Kouroufaba Gold Ltd
 McKeith Super Pty Ltd
 Ordell Minerals Limited

 

Ms McKeith currently holds no ordinary shares in the Company and has been
awarded 204,000 options as per the above.

 

There is no further information on Mr McKeith required to be disclosed under
Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

 

 **ENDS**

For further information contact:

 CleanTech Lithium PLC
 Aldo Boitano/Gordon Stein                     Jersey office: +44 (0) 1534 668 321

                        Chile office: +562-32239222
                                               Or via Celicourt
 Celicourt Communications                      +44 (0) 20 7770 6424
 Felicity Winkles/Philip Dennis/Ali AlQahtani  cleantech@celicourt.uk (mailto:cleantech@celicourt.uk)

 Dr. Reuter Investor Relations                 +49 69 1532 5857

 Dr. Eva Reuter

 Harbor Access - North America                 +1 475 477 9401

 Jonathan Paterson/Lisa Micali

 Porter Novelli - Chile                        +56 2 2335 1693

 Ernesto Escobar                               Ernesto@publicoporternovelli.cl (mailto:Ernesto@publicoporternovelli.cl)

 Beaumont Cornish Limited

 (Nominated Adviser)                           +44 (0) 207 628 3396

 Roland Cornish/Asia Szusciak

 Fox-Davies Capital Limited                    +44 (0) 20 3884 8450

 (Joint Broker)

 Daniel Fox-Davies                             daniel@fox-davies.com (mailto:daniel@fox-davies.com)

 Canaccord Genuity Limited                     +44 (0) 207 523 4680

 (Joint Broker)

 James Asensio

 Gordon Hamilton

 

 

 

 

Notes

 

About CleanTech Lithium

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTC:CTLHF) is an exploration and
development company, advancing the next generation of sustainable lithium
projects in Chile.  The Company's mission is to produce material quantities
of battery grade lithium by 2026, with near zero carbon emissions and low
environmental impact, offering the EV market a green lithium supply solution.

 

CleanTech Lithium has three prospective lithium projects - Laguna Verde,
Francisco Basin, and Llamara - located in the lithium triangle, the world's
centre for battery grade lithium production. They are situated within basins
entirely controlled by the Company, which affords significant potential
development and operational advantages. The projects have direct access to
excellent infrastructure and renewable power.

 

CleanTech Lithium is committed to using renewable power for processing and
reducing the environmental impact of its lithium production by utilising
Direct Lithium Extraction. Direct Lithium Extraction is a transformative
technology which only removes lithium from brine, with higher recoveries and
purities. The method offers short development lead times, low upfront capex,
with no extensive site construction and no evaporation pond development so
there is no water depletion from the aquifer or harm to the local environment.

 

Appendix 1

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                             Tommy McKeith
 2   Reason for notification
 a)  Position / status                                                Independent Non-Executive Director
 b)  Initial notification/Amendment                                   Initial
 3   Details of the issuer, emission allowance market participant,
     auction platform, auctioneer or auction monitor
 a)  Name                                                             CleanTech Lithium Plc
 b)  LEI                                                              213800Y3TN5JQCDA9U59
 4   Details of the transaction(s):
     section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date;
     and (iv) each place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument      Ordinary Shares of GBP 0.01

     Identification code                                              ISIN: JE00BPCP3Z37
 b)  Nature of the transaction                                        Grant of options
 c)  Price(s) and volumes(s)                                          Price(s)  Volumes(s)
                                                                      57 pence  204,000
 d)  Aggregated information                                            N/A

     Aggregate volume

     Price(s)
 e)  Date of the transaction                                          2023-06-21
 f)  Place of the transaction                                         Outside a trading venue

d)

Aggregated information

Aggregate volume

Price(s)

 N/A

 

e)

Date of the transaction

2023-06-21

f)

Place of the transaction

Outside a trading venue

 

 

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