REG - Clontarf Energy PLC - Bolivia Update, Fundraising and TVR

Clontarf EnergyAnnouncement

23/05/2024 07:00

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RNS Number : 5432P  Clontarf Energy PLC  23 May 2024

 

 

23 May 2024
 

Clontarf Energy plc

("Clontarf" or the "Company")

Bolivia Update, Fundraising and TVR

Bolivian Brines Qualification and Negotiations Funding

Fundraising

 

Clontarf Energy plc (AIM: CLON), the energy company focused on lithium brines,
and petroleum projects, is pleased to announce that the Company has raised
£300,000 (before expenses) via a placing of 857,142,857 new ordinary shares
of 0.01p each in the Company ("Ordinary Shares") ("Placing Shares") at a price
of 0.035p per Placing Share (the "Placing").

 

CMC Markets UK Plc, trading as CMC CapX, acted as the Company's sole placing
agent in respect of the Placing.

 

The Placing Shares represent approximately 11.92% of the Company's issued
share capital as enlarged by the Placing.  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, and for general working capital
purposes.

 

Bolivia Update

 

Clontarf Energy plc is progressing its activities in Bolivia and is pleased to
update shareholders:

Further to the Company's 15th May 2024 announcement, Clontarf and its joint
venture partner, NEXT-ChemX, and wider financial partners- are now completing
the materials required to be submitted to pass from Phase 3 to Phase 4 of the
convocatoria process, which will include confirmation of the JV partners'
financial capacity, a review of the last 5-years' accounts and a risk-rating.
 

 

                       Also on the 28(th) May, Clontarf will
present to the EU Commission Expert Group On Enhanced Coordination of External
Financial Tools on our needs & ideas regarding EU involvement in Bolivia's
lithium industry, and particularly the current convocatoria.

 

The EU lists Lithium as one of 34 inputs, of which 17 are strategic, under the
Critical Raw Materials Act, for Europe to replace fossil fuels with cleaner
energy.

The Critical Raw Materials Act aims "to deliver 10% of extraction, 40% of
refining and 15% of recycling of key minerals by 2030". Lithium is now
considered among the most critical materials.

 

                     Further updates will be provided, as
appropriate, in accordance with necessary clearances from the authorities.

 

Admission and TVR

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 29 May 2024.

Following Admission, there will be a total of 7,193,326,117 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.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.

ENDS

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

 Fia Long

 Alan Reynolds

 

 

 

 

 

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