Clontarf Energy has raised £450,000 (€540,000) through a placing of 1 billion new shares, with the funds intended to support potential negotiations in Bolivia.
The placing shares were priced at 0.045 pence each, and represent 12.2 per cent of its issued share capital.
The net proceeds of the placing will be used to fund Clontarf Energy’s expenditure in the anticipated lithium convocatoria negotiations in Bolivia, including the collection, transport and processing of bulk samples, the further development of a pilot-plant, and for general working capital purposes.
“The International Convocatoria in Bolivia has made good progress over recent months. Our joint venture’s pilot plant has been constructed at a trusted industrial location in Mumbai and now awaits receipt of bulk samples for production testing,” said David Horgan, Clontarf Energy chairman.
“We anticipate moving ahead with planned due diligence over the coming months, which may include plant visits by Bolivian experts to observe and assess the production testing results. If these tests and review are positive, we expect to propose an early deployment of a bespoke pilot-plant to one or more Bolivian salares as soon as permits are issued and details agreed.
“Accordingly, it now makes sense to put the required funding in place to maximise the chances of early progress”.
Application will be made for the placing shares to be admitted to trading on AIM, with the admission expected to become effective around October 8th 2024. That will bring the total number of ordinary shares in issue to almost 8.2 million.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
