Clontarf Energy has raised £500,000 (€577,000) through a share placing with new and existing investors.

The company said the funds would be used to cover costs associated with the ongoing negotiations regarding the company’s Bolivian lithium and Ghanaian assets. It will also provide Clontarf with additional working capital.

The shares were sold at a price of 0.325p per placing share. An application to admit the shares to AIM has been made, with the admission expected to become effective around May 12th.

Clontarf Energy focuses on lithium, oil and gas exploration with a focus on South America and Africa.