11th Feb 2025 14:16
(Alliance News) - CleanTech Lithium PLC on Tuesday said it has raised GBP2.4 million through a share placing to fund progress on capital programmes.
The London-based lithium exploration company focused on Chile raised the funds via a placing of 15.0 million new shares at 16.00 pence per share.
The placing shares comprise around 15% of its enlarged share capital following their admission to trading on AIM.
Each placing share carries a warrant entitlement of one warrant for every fundraising share. Each warrant grants the holder the right to subscribe for one new share at a price of 11.00 pence, at any time from one year after the date of first admission up to and including the date which is 4 years from the date of first admission.
The company said it plans to progress capital programmes for the award of a special lithium operation contract at Laguna Verde and to complete the pre-feasibility study at the site.
The firm said the placing will also fund the listing on the Australian Stock Exchange.
Executive Chair Steve Kesler said: "We are delighted to see the return of existing shareholders and welcome new shareholders who have shown, despite difficult market conditions, their confidence in the company as we develop responsibly sourced lithium in Chile via direct lithium extraction."
Shares in CleanTech Lithium dropped 9.0% to 14.80 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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