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.
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For
further information contact:
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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) 207 628 3396
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Canaccord Genuity (Joint Broker)
James Asensio
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+44 (0) 207 523 4680
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Fox-Davies Capital Limited (Joint Broker)
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+44 20 3884 8450
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Daniel Fox-Davies
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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