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£1.3 million Fundraising and Corporate Update

16 Jan 2023 07:00

RNS Number : 7327M
Clontarf Energy PLC
16 January 2023
 

 

16th January 2023

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

£1.3 million Fundraising and Corporate Update

 

The Directors of Clontarf Energy plc (AIM: CLON) are pleased to announce that the Company has raised £1,300,000 (before expenses) via the placing of, and subscription for, 2 billion new ordinary shares 0.01p each in the Company ("Ordinary Shares") (the "Placing Shares"), via several Australian based brokers, at a price of 0.065p per Placing Share (the "Placing"). The Placing Shares represent approximately 45.76% of the Company's issued share capital as enlarged by the Placing. 

 

The Placing shares will rank pari passu with the Company's existing Ordinary Shares. Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 19 January 2023. The issue of the Placing Shares is being satisfied from the Directors' existing authority to allot shares free of pre-emption rights.

 

The net proceeds of the Placing will be used to advance Clontarf's lithium projects in Bolivia, and petroleum projects in Ghana, Australia, and elsewhere.

 

Clontarf Energy plc has advanced its discussions with the Bolivian and Ghanaian authorities in recent weeks, per the below update:

 

· The Company's September 2022 auger campaign on six priority medium-sized salt-lakes in Bolivia yielded lithium grades in all samples taken. Its recent near-surface sampling from auger samples included results of 1,420 mg/l at one target salt-lake, and 1,010 mg/l at another. The overall grade averaged 211 mg/l. Future drilling will identify the priority brine zones to be tapped, subject to all necessary permitting and applicable laws, and funding.

 

· Anticipated global market demand will be at least twice current global supplies, with tighter purity targets for the lithium-ion battery industries. The best way to deliver these volumes and qualities are via direct lithium extraction ("DLE") technologies, now under development by various companies.

 

· At the request of the Bolivian authorities in 2021, Clontarf Energy plc has sought out market leading technologies capable of delivering high purity lithium salts, with minimum deleterious impurities. After an exhaustive search, we are optimistic that one such ionic separation technology may provide a breakthrough in volume processing of the large-scale brines available in Bolivian salt-lakes. Accordingly, Clontarf Energy plc is finalising a Heads of Agreement with a potential DLE processing partner on establishing a Joint Venture to exploit all available brines in Bolivia, subject to, inter alia, necessary government approvals.

 

· If laboratory test-work and DLE processing succeeds, the Company plans, in partnership with its potential the DLE processing partner, for production of lithium from brines using one or more sources.

 

· This work followed an augering campaign, and encouraging chemical analysis on the areas of the targeted salt-lakes of highest priority.

 

· Further updates on Bolivian lithium, as well as Ghanaian and Australian projects will be issued, when appropriate.

 

Issue of Broker Warrants

 

In connection with the Placing, 97,500,000 warrants over 97,500,000 Ordinary Shares were issued to the brokers involved in the Placing. The warrants have a term of one year, and an exercise price of 0.065p.

 

Admission and TVR

 

Following the Admission of the Placing Shares, there will be a total of 4,370,826,117 Ordinary Shares in issue with each share carrying the right of one vote. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Chairman, David Horgan, commented:

 

"There are few commercial alternatives to serve anticipated lithium demand without direct lithium extraction processing on Bolivian salt-lakes. Hard rock lithium sources dominate current global supply, but 90% of upgrading occurs in China, including in coal-fired furnaces at circa 800°C. This makes a mockery of claims that current lithium sources are 'Green'.

 

"By contrast, extraction of circa 5% of brines volume through fluid extraction has a modest environmental footprint, and potentially much lower costs.

 

"Clontarf Energy's team has 34 years Bolivian operating experience. Local sensitivities must be respected, and large-scale developments requires clarifying the Bolivian Lithium Law to confirm the legal basis for Joint Ventures with the authorities.

 

"The commodity industry is emerging from a period of restructuring. But the same environmentalism depressing investment in fossil fuels for a decade now drives demand for 'Green minerals', including lithium. Only explorers, developers and processing experts have the skills to develop the world's largest, lowest cost, and most environmentally-friendly deposits."

 

 

 

For further information please visit http://clontarfenergy.com or contact:

 

Clontarf Energy

David Horgan, Chairman

Jim Finn, Director

+353 (0) 1 833 2833

Nominated & Financial Adviser

Strand Hanson Limited

Rory Murphy

Ritchie Balmer

+44 (0) 20 7409 3494

Broker

Novum Securities Limited

Colin Rowbury

+44 (0) 207 399 9400

Public Relations

BlytheRay

Megan Ray

+44 (0) 207 138 3206

 

Teneo

Luke Hogg

Alan Tyrrell

 

+353 (0) 1 661 4055

 

 

 

 

 

 

 

 

 

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UPDFLFSRLSIVLIV
Date   Source Headline
15th May 202411:23 amRNSBolivia Lithium Update
10th Apr 20241:35 pmRNSGrant of Share Options
18th Mar 20247:00 amRNSBolivia Update, Fundraising and TVR
6th Mar 202410:33 amRNSEncouraging Bolivian Brines Progress
5th Feb 20247:00 amRNSSouth American Brines Progress
25th Sep 20237:00 amRNSInterim Results for the period ended 30 June 2023
1st Aug 202310:38 amRNSGrant of Share Options
13th Jul 202312:35 pmRNSResult of AGM and Corporate Update
22nd Jun 202312:32 pmRNSPosting of Annual Report and Notice of AGM
8th Jun 20237:00 amRNSPreliminary Results
1st Jun 20237:00 amRNS£350,000 Fundraising and Corporate Update
5th May 20237:00 amRNSUpdate on Joint Venture Agreement and TVR
28th Mar 202310:24 amRNSJV Agreement on Direct Lithium Extraction Bolivia
17th Feb 202311:05 amRNSSecond Price Monitoring Extn
17th Feb 202311:00 amRNSPrice Monitoring Extension
15th Feb 20237:00 amRNSJV HoA on Direct Lithium Ion Extraction in Bolivia
17th Jan 202310:34 amRNSGrant of Share Options
16th Jan 20237:00 amRNS£1.3 million Fundraising and Corporate Update
8th Nov 20224:40 pmRNSSecond Price Monitoring Extn
8th Nov 20224:35 pmRNSPrice Monitoring Extension
22nd Sep 20227:00 amRNSInterim Results for the period ended 30 June 2022
5th Sep 20227:02 amRNSShare Price Movement and Shareholder Update
4th Aug 20221:00 pmRNSResult of AGM and Capital Reorganisation
1st Jul 202211:04 amRNSDirector Change
29th Jun 202210:30 amRNSPosting of Annual Report
22nd Jun 20227:00 amRNSPreliminary Results for the Year Ended 31 Dec 2021
14th Jun 20227:00 amRNSSasanof-1 well completion
6th Jun 20227:00 amRNSSasanof-1 well final result
6th Jun 20227:00 amRNSResult of General Meeting
30th May 20228:00 amRNSSasanof-1 well drilling update
27th May 20227:00 amRNSSasanof-1 well spudding
23rd May 20227:00 amRNSSasanof-1 well mobilisation update
20th May 20224:41 pmRNSSecond Price Monitoring Extn
20th May 20224:36 pmRNSPrice Monitoring Extension
18th May 20222:06 pmRNSSecond Price Monitoring Extn
18th May 20222:00 pmRNSPrice Monitoring Extension
18th May 20227:00 amRNSSasanof-1 well mobilisation update
17th May 202211:00 amRNSPrice Monitoring Extension
12th May 202211:53 amRNSUpdate on Sasanof-1 well
11th May 20223:58 pmRNSNotice of General Meeting
10th May 20227:00 amRNSConsideration Shares to be Admitted to Trading
9th May 20227:00 amRNSAcquisition of 10% of Sasanof Prospect
27th Apr 20221:02 pmRNSPlacing to raise £3,500,000
12th Jan 20224:40 pmRNSIssue of Warrants and RPT
20th Sep 20214:41 pmRNSSecond Price Monitoring Extn
20th Sep 20214:36 pmRNSPrice Monitoring Extension
15th Sep 20217:00 amRNSInterim Statement
23rd Jun 202111:35 amRNSResult of Annual General Meeting and Board Changes
7th Jun 202110:50 amRNSPosting of Annual Report and Notice of AGM
24th May 20214:11 pmRNSTR-1: Notification of major holdings

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