REG - Clontarf Energy PLC - Update on Joint Venture Agreement and TVR

Clontarf EnergyAnnouncement

05/05/2023 07:00

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RNS Number : 4828Y  Clontarf Energy PLC  05 May 2023

 

5(th) May 2023

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

Update on Joint Venture Agreement and TVR

 

Clontarf Energy plc (AIM: CLON) is pleased to announce that, further to its
announcement on 28 March 2023, all conditions precedent have now been
satisfied with respect to the JV with NEXT-ChemX coming into force. In this
regard, Clontarf has paid NEXT-ChemX Corporation US$500,000 and will now
proceed with the issue to NEXT-ChemX of 385 million new Ordinary Shares in the
capital of Clontarf ("Consideration Shares"), of which half will be subject to
a 12-month lock in requirement. NEXT-ChemX has also provided Clontarf with
US$500,000 proof of funds.

 

 

Chairman, David Horgan, commented:

 

"Completion of Clontarf's joint venture with our preferred Direct Lithium
Extraction partner is another important milestone.

 

"Part of the transaction is the current and future swapping of shares between
Clontarf Energy plc and NEXT-ChemX companies.

 

"We are also considering ways to extend Clontarf's upside potential beyond our
promising Bolivian joint venture.

 

"Lithium demand continues to grow, as are purity requirements in the
Lithium-ion battery industry. Recent discussions in Asia reinforced our belief
in market demand, particularly for environmentally-friendly and cost-efficient
Lithium from brines.

 

"Our team has been working with various licence-holders and regulatory bodies
to provide sufficient volumes of priority brines for laboratory
test-work. Once these tests have yielded adequate results, we expect to move
to pilot plant volumes. This work should enable confirmation of the
commerciality of the NEXT-ChemX DLE process and move to the application of the
technology across a number of lithium brine projects."

 

 

 

 

Further details on the Consideration Shares and TVR

 

The Consideration Shares will rank pari passu with the Company's existing
Ordinary Shares. Application has been made for the Consideration Shares to be
admitted to trading on AIM ("Admission") and it is expected that such
Admission will become effective on or around 10(th) May 2023. The issue of the
Consideration Shares is being satisfied by the Directors' existing authority
to allot shares free of pre-emption rights.

 

Following the Admission of the Consideration Shares, there will be a total of
4,755,826,117 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.

 

 

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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