CleanTech Lithium PLC, an exploration and development company focused on lithium projects in Chile, has recently secured commitments from various investors, including existing shareholders, to raise approximately A$4 million through the issuance of loan notes. Additionally, the company terminated the £1 million convertible loan notes issued in April 2024. Here are the key details:
Loan Notes:
- The Loan Notes amount to A$3,995,000 and are denominated in Australian Dollars (AUD Loan Notes) and Pounds Sterling (GBP Loan Notes).
- Each AUD Loan Note subscribed and each GBP Loan Note subscribed carry an entitlement to one Warrant.
- The Warrants grant the holder the right to subscribe for one new Ordinary Share at a premium price of either A$0.456 or £0.24.
- The funds raised through these Loan Notes will provide liquidity for the company’s operations and work programs as it gears up for a dual-listing on the Australian Securities Exchange (ASX).
CLNs Termination:
- The company terminated the agreement relating to the £1 million CLNs due to the subscriber’s failure to pay the subscription monies, despite assurances.
- This move was deemed necessary to secure working capital as the company progresses towards the ASX dual-listing.
Further Information on the Loan Notes:
- The Loan Notes were entered into with four lenders, totaling A$3,995,000 or £2,102,632 at the current exchange rate.
- A premium will be payable on the principal amount of any outstanding Loan Notes, based on the redemption date.
- Security will be required after the initial three-month period if the Loan Notes remain unpaid.
- Regal Tactical Credit Fund, a substantial shareholder, has subscribed for a significant portion of the Loan Notes.
Warrant Instrument:
- The Loan Notes carry an entitlement to Warrants, with each Warrant allowing the holder to subscribe for an Ordinary Share at a premium price.
- The exercise of Warrants is expected to generate additional cash proceeds for the company.
In conclusion, CleanTech Lithium PLC’s recent financial moves signify a strategic step towards financial stability and growth as it plans for a dual-listing on the ASX. These developments underpin the company’s commitment to advancing sustainable lithium projects for the clean energy transition. For more information, interested parties can contact CleanTech Lithium PLC through the provided communication channels.
