Last checked at 8 May 2024 07:00
8th May 2024
CleanTech Lithium PLC
("CleanTech Lithium", "CTL" or the "Company")Update on Director's Dealing
On 9th April 2024, the Company announced its then CEO, Aldo Boitano, 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 those arrangements Mr Boitano transferred his entire holding of 9,400,002 Ordinary Shares to a custodian account nominated by the Lender, High West Capital Partners LLC.
Since 9th April 2024, the Company has served various notices on entities that it believes are interested in the Ordinary Shares previously held by Mr Boitano as the Company is entitled to do under its articles of association. From the responses it has received, as far as the Company can determine, 6,679,300 of the 9,400,002 Ordinary Shares previously held by Mr Boitano have been transferred to several third parties on the instructions of the Lender. The balance of 2,720,702 Ordinary Shares is held in an account in the name of the custodian ("Custodian") for the benefit of the Lender and what is currently assumed by the Company to be a related party of the Lender. As far as the Company can determine the Lender exercises control over these shares. Therefore, the Company believes that Mr Boitano does not have an interest in any of the Company's Ordinary Shares and the Lender currently has an interest in less than three per cent of the Company's issued share capital.
The Company points out that it has not received any detailed responses from the Lender in relation to its repeated requests for information and that Mr Boitano has informed the Company that he was not aware that the Lender had been disposing of his Ordinary Shares or that the Lender has the right to control the remaining Ordinary Shares retained by the Custodian.
-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