22 October
2024
CleanTech Lithium PLC ("CleanTech
Lithium", "CTL" or the "Company")
Update to
Laguna Verde Licence Payment Terms
CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N,
OTCQX:CTLHF), an exploration and development
company advancing sustainable
lithium projects in Chile, announces that the Company has reached
an agreement with the Laguna Verde Option Vendors ("Vendors") to
extend the due date of the second staged payment of
US$1.25 million (the "Payment"),
scheduled for Monday 21st October 2024, under the sales
and purchase agreement ("SPA") which was announced on
22nd April 2024 (the "Announcement"). The
agreed extension for the Payment accommodates the additional time
the Company needs to complete the listing process on the Australian
Securities Exchange ("ASX"). It is expected that the Payment will
now be made following the completion of the ASX listing, intended
for later this year.
The Company is pleased to remind shareholders
of the significant progress at the Laguna Verde project since the
Announcement, which detailed the acquisition of the 23 remaining
licences (the "Licences"), previously subject to an option
agreement, and the associated staged payments for the Company to
have full ownership of the Licences. As previously communicated,
CTL made the first payment under the SPA at the time of
execution.
CleanTech Lithium confirms that the extension
to the Payment will not affect CTL's holding of the Laguna Verde
Option Licences. The Company retains 100% ownership of the Licences
which will form part of the Special Lithium Operating Contract
("CEOL") application the Company plans to submit to the Chilean
Government before the end of this year.
CTL is making good progress with its advisers
on its planned ASX listing and will provide a further update on the
timing in due course.
Steve Kesler,
Executive Chairman and Interim Chief Executive Officer, CleanTech
Lithium PLC, said:
"I am
grateful for the Vendors understanding and agreement to extend the
payment deadline in light of the ASX listing delays. This
collaborative approach underscores the strength of our partnership
and reinforces our commitment to mutual success. As we work through
this phase, we remain highly optimistic about the long-term outlook
for the lithium market. The demand for lithium will continue to
rise, driven by the needs of electric vehicles and energy storage
solutions. We believe we are well positioned in Chile to become the
next lithium producer to help meet this demand."
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.
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For
further information contact:
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CleanTech Lithium PLC
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Steve Kesler/Gordon Stein/Nick
Baxter
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Jersey office: +44 (0) 1534 668
321
Chile office:
+562-32239222
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Or via Celicourt
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Celicourt Communications
Felicity Winkles/Philip Dennis/Ali
AlQahtani
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+44 (0) 20 7770 6424
cleantech@celicourt.uk
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Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish/Asia
Szusciak
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+44 (0) 20 7628 3396
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Fox-Davies Capital Limited (Joint Broker)
Daniel Fox-Davies
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+44 (0) 20 3884 8450
daniel@fox-davies.com
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Canaccord Genuity (Joint Broker)
James Asensio
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+44 (0) 20 7523 4680
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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.
Notes
CleanTech Lithium (AIM:CTL,
Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development
company advancing lithium projects in Chile for the clean
energy transition. Committed to net-zero, CleanTech Lithium's
mission is to become a new supplier of battery grade lithium using
Direct Lithium Extraction technology powered by renewable
energy.
CleanTech Lithium has two key
lithium projects in Chile, Laguna Verde and Viento Andino, and
exploration stage projects in Llamara and Arenas Blancas
(Salar de Atacama), located in the lithium triangle, a leading
centre for battery grade lithium production. The two most advanced
projects: Laguna Verde and Viento Andino are situated
within basins controlled by the Company, which affords significant
potential development and operational advantages. All four projects
have good access to existing infrastructure.
CleanTech Lithium is committed to
utilising Direct Lithium Extraction with reinjection of spent brine
resulting in no aquifer depletion. Direct Lithium Extraction is a
transformative technology which removes lithium from brine with
higher recoveries, short development lead times and no extensive
evaporation pond construction. www.ctlithium.com
**ENDS**