CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) has conditionally raised £8 million in its latest share placing with investors, successfully overshooting the Chile-focused mining company’s initial target by £2 million.
CleanTech Lithium cited “significant” investor demand for the increased fundraising target, with the additional capital set to provide flexibility for additional technical work at Laguna Verde and drilling at Francisco Basin.
A total of 36,363,638 placing shares will therefore be issued, representing approximately 25% of the company's enlarged ordinary share capital.
Steve Kesler, chairman of CleanTech Lithium, commented: "Thank you to all the investors, including directors, that have supported CleanTech Lithium in the latest placing.
“We are delighted to see the return of existing shareholders and welcome new shareholders who have shown, despite difficult market conditions, their confidence in the company as we develop sustainable lithium projects in Chile.”
Kesler stated that the pre-feasibility study for Laguna Verde is well underway and the funds will ensure its completion and announcement to the market.
Allocated funds will also see the commissioning and running of the Direct Lithium Extraction (DLE) Pilot Plant and the production of battery-grade lithium carbonate.
“The final components arrived in our facility in Copiapó recently and the plant is expected to be commissioned before the end of this year,” said Kesler. “Investors will know we have been one of the most active companies in Chile using DLE to establish ourselves as a leading lithium developer.”
The new shares are expected to be admitted to AIM on 27 November.