REG - Clontarf Energy PLC - £350,000 Fundraising and Corporate Update

Clontarf EnergyAnnouncement

01/06/2023 07:00

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RNS Number : 3196B  Clontarf Energy PLC  01 June 2023

 

1(st) June 2023

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

£350,000 Fundraising and Corporate Update

 

The Directors of Clontarf Energy plc (AIM: CLON) are pleased to announce that
the Company has raised £350,000 (before expenses) via the placing of, and
subscription for, 437,500,000 new ordinary shares of 0.01p each in the capital
of the Company ("Ordinary Shares") (the "Placing Shares"), via CMC Markets UK
Plc, at a price of 0.08p per Placing Share (the "Placing"). The Placing Shares
represent approximately 8.42% of the Company's issued share capital as
enlarged by the Placing.

 

·  The Placing shares will rank pari passu with the Company's existing
Ordinary Shares. Application will be made for the Placing Shares to be
admitted to trading on AIM ("Admission") and it is expected that such
Admission will become effective on or around 8(th) June 2023. The issue of the
Placing Shares is being satisfied from the Directors' existing authority to
allot shares free of pre-emption rights.

 

·  The net proceeds of the Placing will be used to advance Clontarf's
lithium projects in Bolivia, and neighbouring countries, as well as on
petroleum projects in Ghana, Australia, and elsewhere.

 

·   Further updates on Bolivian lithium, as well as the Ghanaian and
Australian projects will be issued, when appropriate.

 

 

Admission and TVR

 

Following the Admission of the Placing Shares, there will be a total of
5,193,326,117 Ordinary Shares in issue with each share carrying the right of
one vote. The above 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 change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.

 

Chairman, David Horgan, commented:

 

"Strong demand growth and rising, though volatile, prices are transforming the
lithium business. The Board believes that projected demand for clean lithium
cannot be met without South American brines, and especially Direct Lithium
Extraction technology.

 

"Our joint venture partners, NEXT-ChemX, identified techniques that had
previously purified fluids of radioactive elements through a technique
mimicking the human kidney. This avoids the need for high water, or power
usage, facilitating a continuous process, rather than a batch process.

 

"This cutting-edge extraction technology concentrates desired ions (such as
Lithium+) by drawing them out of a solution (such as a brine) across a special
purpose membrane. The technology is known as ion-Targeting Direct Extraction.
This can work even in low concentrations.

 

"Working closely with the relevant authorities, under applicable laws, we are
now gathering large samples, from several priority salt-lakes, for laboratory
testing at our Joint Venture partner's facilities. Necessary export paperwork
is being finalised, so that these brine samples can be air-freighted. Clontarf
thus expects to start testing at its Joint-Venture partner's facilities
shortly.

 

"The first phase of sample analysis will confirm past laboratory testing of
synthetic brines. This process includes fine-tuning the process to facilitate
large-scale pilot plant testing, which should follow successful laboratory
test-work.

 

"A priority has been ongoing discussions with Bolivia's State Lithium Company,
which is tasked with leading Bolivia's large-scale entry to international
markets under the 2017 Lithium Law.

 

"Our Joint Venture has also agreed with the relevant titleholders to test
priority brines from privately held salt-lakes in Argentina and Chile. These
are also included in our joint venture with NEXT-ChemX on Direct Lithium
Extraction.

 

"Meanwhile, the International Monetary Fund has approved a $3 Billion Extended Credit Facility Arrangement for Ghana. We understand that major creditors are finally on board. The reform package includes anti-corruption measures, and is intended to expedite the frozen ratification of oil & gas contracts, so as to deliver sustained growth."

 

 

For further information please visit http://clontarfenergy.com
(http://clontarfenergy.com) or contact:

 

 Clontarf Energy                    +353 (0) 1 833 2833

 David Horgan, Chairman

 Jim Finn, Director

 Nominated & Financial Adviser      +44 (0) 20 7409 3494

 Strand Hanson Limited

 Rory Murphy

 Ritchie Balmer
 Broker                                     +44 (0) 207 399 9400

 Novum Securities Limited

 Colin Rowbury

 Public Relations                   +44 (0) 207 138 3206

 BlytheRay

 Megan Ray

 Teneo                              +353 (0) 1 661 4055

 Luke Hogg

 Alan Tyrrell

 

 

 

 

 

 

 

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