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(Sharecast News) - Clontarf has raised £0.5m before expenses, it announced on Thursday, to fund ongoing negotiations over its Bolivian lithium and Ghanaian assets.
The AIM-traded firm said the funds were raised via the placing of 153,846,153 shares with new and existing investors at a price of 0.325p each, with the placing shares representing 17.67% of its enlarged issued share capital.
It said the net proceeds would fund any costs associated with the ongoing negotiations regarding its Bolivian lithium and Ghanaian assets, and would also provide the company with additional working capital, as the board continued to assess new projects.
"Bolivian salt pans contain at least 50% of the world's brine lithium yet it has not been developed," the board said in its statement.
"The European Union now estimates that global demand by 2050 will be 60 times the current lithium supply.
"The board believes there is no economic way to supply this without major Bolivian supplies."
At 0913 BST, shares in Clontarf Energy were down 1.37% at 0.36p.
30 Sep 2014 11:51