Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Struggling to understand how this can be a wipe-out, when they still own a 17.5% stake?
Yes I hold my hands up, I got it wrong. I misread and misunderstood the RNS when it stated 0.1p for conversion - though I think I’m not the only one confused by it. However I also think you may be wrong for calling this down to some 0.02 level..
30 Jan RNS extract
‘..The Company has also now agreed an irrevocable conditional amendment to the Existing Funding that its
existing debt (inclusive of the further £40,000 advance) will be reduced to £900,000; no interest or fees will accrue during the term ;all rights to receive warrants pursuant to the Existing Funding are released and waived and a 24 month repayment term from the date of the amendment being effective
The board has therefore taken steps through restructuring the Company's funding routes, to ensure that the financial position and prospects of the Company are maintained to facilitate a future reverse transaction..’