CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) has raised £2.5 million from an oversubscribed placing to provide interim funding while it applies for a listing on the Australian Stock Exchange.
Issued at 11p per share at a 23% discount to the closing price on 7 October, the new shares issued represent approximately 13.5% of the Chile-focused lithium group’s enlarged ordinary share capital.
Regal Funds, which has a 15% stake, applied for 1.73 million of the 22.7 million new shares issued.
Steve Kesler, CTL’s executive chairman commented: "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 responsibly sourced lithium in Chile via Direct Lithium Extraction.
"Although the board decided to undertake this fundraising in large part due to the extension of the ASX approval process, it remains the company's intention to be dual listed on the ASX at the earliest opportunity and our Board is working with our advisers to achieve this objective.
"The new funds will be focused on the Laguna Verde project and producing battery-grade lithium carbonate for potential strategic partners as well as maintaining our active engagement with Indigenous communities whilst we pursue the dual listing in Australia."
CTL added that its ASX listing has been delayed while it addresses procedural issues raised by the exchange.