CleanTech Lithium PLC Update to Laguna Verde Licence Payment Terms

RNS Number : 0291J

CleanTech Lithium PLC

22 October 2024

 

22 October 2024

CleanTech Lithium PLC ("CleanTech Lithium", "CTL" or the "Company")

Update to Laguna Verde Licence Payment Terms

 

CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces that the Company has reached an agreement with the Laguna Verde Option Vendors ("Vendors") to extend the due date of the second staged payment of US$1.25 million (the "Payment"), scheduled for Monday 21^st October 2024, under the sales and purchase agreement ("SPA") which was announced on 22^nd April 2024 (the "Announcement"). The agreed extension for the Payment accommodates the additional time the Company needs to complete the listing process on the Australian Securities Exchange ("ASX"). It is expected that the Payment will now be made following the completion of the ASX listing, intended for later this year.

The Company is pleased to remind shareholders of the significant progress at the Laguna Verde project since the Announcement, which detailed the acquisition of the 23 remaining licences (the "Licences"), previously subject to an option agreement, and the associated staged payments for the Company to have full ownership of the Licences. As previously communicated, CTL made the first payment under the SPA at the time of execution.

CleanTech Lithium confirms that the extension to the Payment will not affect CTL's holding of the Laguna Verde Option Licences. The Company retains 100% ownership of the Licences which will form part of the Special Lithium Operating Contract ("CEOL") application the Company plans to submit to the Chilean Government before the end of this year.

CTL is making good progress with its advisers on its planned ASX listing and will provide a further update on the timing in due course.

Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, 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. We believe we are well positioned in Chile to become the next lithium producer to help meet this demand."

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.

For further information contact:
CleanTech Lithium PLC
Steve Kesler/Gordon Stein/Nick Baxter	Jersey office: [phone] Chile office: [phone]
	Or via Celicourt
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani	[phone] [e-mail]
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak	[phone]
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies	[phone] [e-mail]
Canaccord Genuity (Joint Broker) James Asensio	[phone]

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

Notes

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com

 

**ENDS**

 

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