CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) is to raise up to A$20 million (£10.4 million) through a dual listing on the Australian stock market
Listed on AIM since March 2022, Chile-focused CTL stated that the ASX is a natural fit and would enable the company to expand its base of Australian shareholders.
The admission to the ASX is expected to occur on or around 24 September 2024.
Steve Kesler, CTL’s executive chair and interim CEO, said: "CleanTech Lithium is positioning itself to become a leading supplier of battery-grade lithium to the growing EV and energy storage market, supporting the global energy transition.
"We're excited about the prospect of joining the ASX, which is home to many of the world's leading lithium companies.
"In addition to our existing AIM listing, the dual listing in Australia will provide us with access to a broader base of security holders and stakeholders who have a deep understanding of the lithium industry and its importance in supporting the world's ambitions for net zero.
"Our two core projects host, in aggregate, total resources of more than 2.7 million tonnes of LCE, and we are advancing the use of DLE technology, which features much higher recovery rates and less environmental impact compared to conventional forms of lithium extraction.
"We also aim to be powered by renewable energy once in production, utilising Chile's excellent renewable energy resources, particularly in the region of our projects."
CTL stated that the funds raised through the offer and listing would be used to complete PFS, drilling and hydrogeology work at the Laguna Verde Project; conduct hydrological and metallurgical studies and further DLE pilot plant testing; make the Laguna Verde Project licence payment to LV Vendors, and support community engagement efforts.