REG - CleanTech Lithium - Update on Director’s Dealing

Cleantech LithiumAnnouncement

08/05/2024 07:00

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RNS Number : 4975N  CleanTech Lithium PLC  08 May 2024

8(th) May 2024

 

CleanTech Lithium PLC

("CleanTech Lithium", "CTL" or the "Company")

Update on Director's Dealing

 

 

On 9(th) 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 9(th) 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:

 Celicourt Communications                       +44 (0) 20 7770 6424

 Felicity Winkles/Philip Dennis/Ali AlQahtani   cleantech@celicourt.uk

 Beaumont Cornish Limited                       +44 (0) 207 628 3396

 (Nominated Adviser)

 Roland Cornish/Asia Szusciak

 Canaccord Genuity (Joint Broker)               +44 (0) 207 523 4680

 James Asensio

 Fox-Davies Capital Limited (Joint Broker)      +44 20 3884 8450
 Daniel Fox-Davies                              daniel@fox-davies.com (mailto:daniel@fox-davies.com)

 

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 (http://www.ctlithium.com/)

 

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