REG - CleanTech Lithium - Results of Retail Offer & Update on Broker Option

Cleantech LithiumAnnouncement

10/03/2025 07:00

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RNS Number : 9769Z  CleanTech Lithium PLC  10 March 2025

 

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CleanTech Lithium PLC

 ("CleanTech Lithium" or the "Company")

Results of Retail Offer and update on the Broker Option

 

10 March 2025 - CleanTech Lithium (AIM: CTL), an innovative sustainable
lithium developer, is pleased to announce the results of its retail offer to
existing shareholders (the "Retail Offer"). The Retail Offer remains
conditional on shareholder approval.

 

The Retail Offer raised gross proceeds of £143,980 which will be in addition
to the £2.4 million raised pursuant to the Placing as announced 11(th)
February 2025.

 

There was no take up under the Broker Option.

 

Results of the Retail Offer

 

899,873 new ordinary shares ("Retail Offer Shares") will be issued to
existing retail shareholders who subscribed via the BookBuild platform at a
price of 16 pence per Retail Offer Share (the "Issue Price") pursuant to the
Retail Offer.

 

The Retail Offer Shares carry a warrant entitlement of one warrant ("Warrant")
for every Retail Offer Share issued pursuant to the Retail offer. Each Warrant
grants the holder the right to subscribe for one new ordinary share at a price
of 11p, being approximately 31% per cent. below the Issue Price, at any time
from 14 February 2026 until up to and including 14 February 2029.

 

A total of 899,873 Retail Offer Shares will therefore be issued pursuant to
the Retail Offer representing approximately 0.9 per cent. of the Company's
enlarged ordinary share capital following admission of the Retail Offer Shares
to trading on AIM ("Admission").

 

The Issue Price represents approximately 41 per cent. premium to the closing
price of 11.38 pence on 7 March 2025.

 

The Retail Offer Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with the existing ordinary shares of the
Company, including the right to receive all dividends or other distributions
made, paid or declared in respect of such shares after the date of issue of
the Retail Offer Shares.

 

As previously announced, the proceeds of the Retail Offer Shares will be used
to reduce the balance outstanding of the Loan Notes taken out in late June
2024.

 

The Company also announces that no new ordinary shares will be issued pursuant
to the Broker Option granted to Fox-Davies Capital Limited.

 

General Meeting and Posting of Circular

 

The Retail Offer is subject to shareholder approval at the general meeting of
the Company, expected to be held on 24 March 2025 at 11:00AM (the "General
Meeting"). The Company published a shareholder circular on the 4(th) March
2025 to convene the General Meeting, which is available on the Company's
website https://ctlithium.com/investors/circulars-documents/
(https://ctlithium.com/investors/circulars-documents/) .

 

Admission and Trading

 

Subject to approval being given at the General Meeting, application will be
made to London Stock Exchange for the Retail Offer Shares to be admitted to
trading on AIM. It is currently expected that Admission will become effective,
and trading of the Retail Offer Shares will commence on AIM, at 8.00
a.m. on 25 March 2025.

 

Total voting rights

 

Following the issue and Retail Offer Shares, the Company will have a total of
100,346,774 Ordinary Shares in issue. The Company does not hold any Ordinary
Shares in treasury and accordingly the total number of voting rights in the
Company will be 100,346,774.

 

With effect from Admission, this figure may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in the
Company, under the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority.

 

Words and expressions defined in the Company's announcements of 10 and 17
February 2025 shall have the same meaning in this announcement.

 

Steve Kesler, Executive Chairman of CleanTech Lithium, said:

"Thank you to the existing retail shareholders that have supported CleanTech
Lithium in this recent fundraising, sharing our positive outlook for lithium
demand and our confidence in our strategy for the Company.

 

Our key milestones over the next few months are completing the PFS for Laguna
Verde, scaling battery-grade lithium carbonate production for strategic
partners to test, and advancing the Special Lithium Operating Contract (CEOL)
process with the Chilean Government. Alongside this, we are actively pursuing
our dual listing on the ASX."

 

 Latest time and date for receipt of CREST voting instructions                  11.00 a.m. on 20 March 2025
 Latest time and date for receipt of Forms of Proxy                             11.00 a.m. on 22 March 2025
 General Meeting                                                                11.00 a.m. on 24 March 2025
 Result of the General Meeting announced                                        24 March 2025
 Admission and dealings in the Retail Offer Shares expected to commence on AIM  25 March 2025
 Where applicable, expected date for CREST accounts to be credited in respect   25 March 2025
 of the Retail Offer Shares and attached warrants in uncertificated form
 Where applicable, expected date for despatch of definitive certificates for    within 14 days of Admission
 the Retail Offer Shares and attached warrants in certificated form

Expected Timetable of Principle Events

 For further information contact:
 CleanTech Lithium PLC
 Steve Kesler/Gordon Stein/Nick Baxter          Jersey office: +44 (0) 1534 668 321

                                                Chile office: +56 9 312 00081
                                                Or via Celicourt
 Celicourt Communications                       +44 (0) 20 7770 6424

 Felicity Winkles/Philip Dennis/Ali AlQahtani   cleantech@celicourt.uk (mailto:cleantech@celicourt.uk)
 Beaumont Cornish Limited (Nominated Adviser)   +44 (0) 20 7628 3396

 Roland Cornish/Asia Szusciak
 Fox-Davies Capital Limited (Joint Broker)      +44 (0) 20 3884 8450

 Daniel Fox-Davies                              daniel@fox-davies.com (mailto:daniel@fox-davies.com)
 Canaccord Genuity (Joint Broker)               +44 (0) 20 7523 4680

 James Asensio

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company
advancing lithium projects in Chile for the clean energy transition.
Committed to net-zero, CleanTech Lithium's mission is to become a new supplier
of battery grade lithium using Direct Lithium Extraction technology powered by
renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and
Viento Andino, and exploration stage projects in Llamara and Arenas Blancas
(Salar de Atacama), located in the lithium triangle, a leading centre for
battery grade lithium production. The two most advanced projects: Laguna Verde
and Viento Andino are situated within basins controlled by the Company,
which affords significant potential development and operational advantages.
All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with
reinjection of spent brine resulting in no aquifer depletion. Direct Lithium
Extraction is a transformative technology which removes lithium from brine
with higher recoveries, short development lead times and no extensive
evaporation pond construction. www.ctlithium.com (http://www.ctlithium.com/)

 

**ENDS**

 

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