CleanTech Lithium Announces Successful Fundraising through Placing
Placing Details and Share Issuance
CleanTech Lithium, a company engaged in lithium exploration and development in Chile, has successfully raised GBP 8 million through a recent placing. This outcome surpassed the initial fundraising target, leading to the issuance of 36,363,638 Placing Shares, which will constitute about 25% of the company’s expanded share capital. The placing attracted both new and existing institutional investors, with a mix of Firm Placing Shares and Conditional Placing Shares, each accompanied by Warrants.
Director Participation and Shareholder Approval
Several directors of CleanTech participated in the placing, with specific share allocations detailed in the company’s announcement. The success of the placing is conditional upon receiving approval from the company’s shareholders.
Funding Allocation and Project Development
The funds raised are earmarked for advancing key projects, including further technical work at the Laguna Verde project and the imminent drilling campaign at Francisco Basin. These initiatives aim to upgrade the lithium resource estimate and categorize more resources as Measured and Indicated. The funds will also support the completion of the Pre-Feasibility Study for Laguna Verde and the commissioning of the Direct Lithium Extraction Pilot Plant to produce battery-grade lithium carbonate.
