REG - CleanTech Lithium - Update to Laguna Verde Licence Payment Terms

Cleantech LithiumAnnouncement

22/10/2024 07:00

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RNS Number : 0291J  CleanTech Lithium PLC  22 October 2024

22 October 2024

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

Update to Laguna Verde Licence Payment Terms

 

CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration
and development company advancing sustainable lithium projects in Chile,
announces that the Company has reached an agreement with the Laguna Verde
Option Vendors ("Vendors") to extend the due date of the second staged payment
of US$1.25 million (the "Payment"), scheduled for Monday 21(st) October 2024,
under the sales and purchase agreement ("SPA") which was announced on 22(nd)
April 2024 (the "Announcement"). The agreed extension for the Payment
accommodates the additional time the Company needs to complete the listing
process on the Australian Securities Exchange ("ASX"). It is expected that the
Payment will now be made following the completion of the ASX listing, intended
for later this year.

The Company is pleased to remind shareholders of the significant progress at
the Laguna Verde project since the Announcement, which detailed the
acquisition of the 23 remaining licences (the "Licences"), previously subject
to an option agreement, and the associated staged payments for the Company to
have full ownership of the Licences. As previously communicated, CTL made the
first payment under the SPA at the time of execution.

CleanTech Lithium confirms that the extension to the Payment will not affect
CTL's holding of the Laguna Verde Option Licences. The Company retains 100%
ownership of the Licences which will form part of the Special Lithium
Operating Contract ("CEOL") application the Company plans to submit to the
Chilean Government before the end of this year.

CTL is making good progress with its advisers on its planned ASX listing and
will provide a further update on the timing in due course.

Steve Kesler, Executive Chairman and Interim Chief Executive Officer,
CleanTech Lithium PLC, said:

"I am grateful for the Vendors understanding and agreement to extend the
payment deadline in light of the ASX listing delays. This collaborative
approach underscores the strength of our partnership and reinforces our
commitment to mutual success. As we work through this phase, we remain highly
optimistic about the long-term outlook for the lithium market. The demand for
lithium will continue to rise, driven by the needs of electric vehicles and
energy storage solutions. We believe we are well positioned in Chile to become
the next lithium producer to help meet this demand."

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside information is
now considered to be in the public domain. The person who arranged for the
release of this announcement on behalf of the Company was Gordon Stein,
Director and CFO.

 For further information contact:
 CleanTech Lithium PLC
 Steve Kesler/Gordon Stein/Nick Baxter          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)
 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, Frankfurt:T2N, OTCQX:CTLHF) 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 (https://ctlithium.com/)

 

**ENDS**

 

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