CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) has received an extension to the staged payment of US$1.25 million from the option vendors of its Laguna Verde project in Chile.
Scheduled for Monday 21 October 2024, the extension gives additional time to complete its listing process on the Australian Securities Exchange (ASX), said CleanTech.
Payment is now expected to be made following the completion of the ASX listing, intended for later this year, added the statement.
CleanTech added that the extension to the payment will not affect its holding of the Laguna Verde option licences where it retains 100% ownership, with these to form part of the Special Lithium Operating Contract (CEOL) application to be submitted to the Chilean government before the end of this year.
CTL added that is making good progress with its advisers on its planned ASX listing.
Steve Kesler, executive chairman, said: "I am grateful for the vendors understanding and agreement to extend the payment deadline in light of the ASX listing delays.
"This collaborative approach underscores the strength of our partnership and reinforces our commitment to mutual success.
"As we work through this phase, we remain highly optimistic about the long-term outlook for the lithium market.
"The demand for lithium will continue to rise, driven by the needs of electric vehicles and energy storage solutions."