Last checked at 9 Apr 2024 07:00
9th April 2024
CleanTech Lithium PLC
("CleanTech Lithium", "CTL" or the "Company")Director's Share Dealing
It has come to the attention of the Board of CleanTech Lithium PLC (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, that on 16 August 2023 the Company's CEO, Aldo Boitano, has entered into a loan agreement with a financial institution ("Lender"), under which he agreed to provide security over ordinary shares ("Ordinary Shares") that he held in the Company. As part of these arrangements through a series of transactions between 8 September 2023 and 6 February 2024 Mr Boitano transferred his entire holding of 9,400,002 Ordinary Shares to a custodian account nominated by the Lender. Mr Boitano is not able to ascertain the extent to which these Ordinary Shares may have been transferred to a further nominee account in the name of the Lender or the extent to which any such Ordinary Shares may have been sold by the Lender to third parties. Consequently, Mr Boitano is unable to disclose his current beneficial holding of Ordinary Shares to the Company and the extent to which his original holding of 9,400,002 Ordinary Shares may have been disposed of by the Lender to third parties.
The granting of security and subsequent transfers of Ordinary Shares are considered notifiable events which should have been notified by Mr Boitano to the Company at the relevant time. Accordingly, the Board of CTL has suspended Mr Boitano from his duties as CEO of the Company, pending an investigation. The Board of CTL would like to make it clear that Mr Boitano is cooperating with the investigation. In the interim period and to ensure there is no impact to the ongoing work programme at Laguna Verde, Steve Kesler, currently Executive Chairman, will also assume the CEO's responsibilities.
The Company will provide a further update to the market in due course.
-ENDS-
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
For further information contact: | ||
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Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani
| +44 (0) 20 7770 6424 cleantech@celicourt.uk | |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak
| +44 (0) 207 628 3396 |
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Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 207 523 4680 |
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Fox-Davies Capital Limited (Joint Broker) | +44 20 3884 8450 |
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Daniel Fox-Davies | daniel@fox-davies.com |
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Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
About CleanTech Lithium
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects, Laguna Verde and Francisco Basin, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com