20th Oct 2025 18:28
(Alliance News) - Clean Invest Africa PLC on Monday said it plans to publish delayed results "as soon as possible" as difficulties with creditors continue.
The Africa-focused waste fines minerals recovery company said it is "fully aware" of its financial obligations in light of the failed USD750,000 subscription agreement with a South African corporation, finalized in March 2025.
Payment had been expected by April 28 and Clean Invest is now pursuing legal action "to protect its interests".
Meanwhile, the company has not received funds expected June 28 from the USD1.0 million subscription agreement signed June 13. However, a resolution is expected within 3 to 5 days as discussions are ongoing.
Clean Invest said it has decided to extend the settlement period in lieu of cancellation, as the agreement price of 0.25 pence is about a 3x multiple to the last reported share price.
Further, the subscriber investor team have proposed "additional regional business with potentially exciting opportunities," Clean Invest said.
The defaults have "significantly impacted" financial planning, regular commitments, and the implementation of the business plan, including the launch of full-scale production of Chisamina pellets, to which it would have allocated up to USD300,000 from investment proceeds, the company said.
Moreover, creditor days have extended beyond the usual agreed terms with some suppliers.
Clean Invest said it "continues to closely monitor and manage affected creditors," and that creditors remain supportive overall.
Regarding project development, US subsidiary CoalTech LLC continues to advance its collaboration with Environmental Engineering Group.
The parties are preparing to establish a Special Purpose Vehicle to address and resolve the challenges posed by the large number of tailing ponds present in US. The venture aims to start the Saddle Fork Project in Perry County, Kentucky, targeting about 6 million tonnes of recoverable thermal coal fines.
Clean Invest expects to announce in the coming week, as soon as financing is completed.
Subsequent projects include Leatherwood in Kentucky with about 12 million tonnes of recoverable coal fines.
CoalTech LLC is also in advanced discussions for the Tamaqua Project in Schuylkill County, Pennsylvania, which holds about 4 million tonnes of fine anthracite refuse for pellet production. Discussions are underway with two potential investors.
Lastly, Project Clean Land And Power System is about 70% completed. CoalTech Ltd is collaborating on the project with ISS International Spa to develop a mobile agglomeration plant prototype for converting coal dust into pellets.
The project is on track for completion by August 2026.
Clean Invest Africa expects to publish 2024 and interim 2025 results "as soon as possible, assuming the receipt of the necessary funds to complete the audit".
Shares will remain suspended from London's Aquis Exchange until the results are published. They last traded at 0.045 pence.
By Aidan Lane, Alliance News reporter
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