TIDMCLON
RNS Number : 7327M
Clontarf Energy PLC
16 January 2023
16th January 2023
Clontarf Energy plc
("Clontarf" or "the Company")
GBP1.3 million Fundraising and Corporate Update
The Directors of Clontarf Energy plc (AIM: CLON) are pleased to
announce that the Company has raised GBP1,300,000 (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 800degC. 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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