CleanTech Lithium Acquires Additional Licenses, Raises £4.25M
Why we think this is good
The RNS announcement from CleanTech Lithium PLC details several positive developments for the company, including the acquisition of additional licenses at its Laguna Verde project, a £4.25 million fundraising, and a restructuring of its existing loan notes. These actions should help consolidate the company's control over the project area and provide the necessary funding to advance the project. While the news is overall positive, it does not meet the criteria for a 'Very_good' rating as it does not involve a profit upgrade or trading significantly ahead of expectations.
Key Points
- Acquisition of additional 30 licenses at Laguna Verde project, increasing control to 97.63% of licenses within CEOL polygon
- Planned £4.25 million fundraising through placing and conditional placing of new shares at 5 pence per share
- Loan note maturity date extended to June 2026 with additional flexibility
Summary
CleanTech Lithium PLC has announced the acquisition of an additional 30 licenses at its Laguna Verde project in Chile, increasing its control to 97.63% of the licenses within the government-defined CEOL polygon. This should enable the company to seek a streamlined CEOL process for the project. The company also plans to raise approximately £4.25 million through a placing and conditional placing of new ordinary shares at 5 pence per share. The net proceeds will be used to fund the initial payments for the license acquisition, complete the PFS, and provide general working capital. Additionally, the company has reached an agreement with its loan note holders to extend the maturity date of the loan notes to June 2026.