CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) shares traded lower on Tuesday after it revealed that legal action has been initiated in Chile against its subsidiary CleanTech Laguna Verde SpA, over a second instalment due under a 2024 sale and purchase agreement for 23 mining concessions.
The company said the directors became aware of the action on 24 November. Payment had been delayed since late 2024, and the company said the continued delay prompted the claim.
It added that the subsidiary was not legally served, and a court issued a judgment in the company's absence, awarding a lien over its share capital.
CleanTech said a petition has been submitted to annul the proceeding on the basis of improper service.
The directors said they remain confident that the petition will be resolved in the company’s favour and noted that the non-payment has no bearing on its application for a special lithium operating contract.
In London, CleanTech Lithium shares were down 4.5%, at 5.4p, having seen as low as 5p earlier.