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

Clontarf EnergyAnnouncement

24/09/2024 07:00

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RNS Number : 3309F  Clontarf Energy PLC  24 September 2024

 

 

24 September 2024
 

Clontarf Energy plc

("Clontarf" or the "Company")

Bolivia Update, Fundraising and TVR

Bolivian Brines' Negotiations & Pilot-Plant 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
£450,000 (before expenses) via a placing of one billion new ordinary shares
of 0.01p each in the Company ("Ordinary Shares") ("Placing Shares") at a price
of 0.045p per Placing Share (the "Placing").

Axis Capital Markets Limited acted as the Company's sole placing agent in
respect of the Placing.

The Placing Shares represent approximately 12.2% 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 Energy's next
steps in the anticipated lithium convocatoria negotiations in Bolivia,
including any necessary expenditure for collection, transport and processing
of bulk samples, as well as the further development of a pilot-plant to be
deployed to a suitable salar, and for general working capital purposes.

David Horgan, Chairman, commented:

 

"The International Convocatoria in Bolivia has made good progress over recent
months.  Our joint venture's pilot plant has been constructed at a trusted
industrial location in Mumbai and now awaits receipt of bulk samples for
production testing.

"We anticipate moving ahead with planned due diligence over the coming months,
which may include plant visits by Bolivian experts to  observe and assess the
production testing results.  If these tests and review are positive, we
expect to propose an early deployment of a bespoke pilot-plant to one or more
Bolivian salares as soon as  permits are issued and details agreed.

"Accordingly, it now makes sense to put the required funding in place to
maximise the chances of early progress".

 

"

                   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 8(th) October 2024.

Following Admission, there will be a total of 8,193,326,117 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 3204

 BlytheRay

 Megan Ray
 Teneo                              +353 (0) 1 661 4055

 Luke Hogg

 Alan Tyrrell

 Fia Long

 Alan Reynolds

 

 

 

 

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