Bolivia Update, Fundraising and TVR

Clontarf Energy PLC

24 September 2024

 

24 September 2024                                                                                     

Clontarf Energy plc

("Clontarf" or the "Company")

Bolivia Update, Fundraising and TVR

Bolivian Brines' Negotiations & Pilot-Plant Funding

Fundraising

Clontarf Energy plc (AIM: CLON), the energy company focused on lithium brines, and petroleum projects, is pleased to announce that the Company has raised £450,000 (before expenses) via a placing of one billion new ordinary shares of 0.01p each in the Company ("Ordinary Shares") ("Placing Shares") at a price of 0.045p per Placing Share (the "Placing").

Axis Capital Markets Limited acted as the Company's sole placing agent in respect of the Placing.

The Placing Shares represent approximately 12.2% of the Company's issued share capital as enlarged by the Placing.  The issue of the Placing Shares is being satisfied from the Directors' existing authority to allot shares free of pre-emption rights.

The net proceeds of the Placing will be used to advance Clontarf Energy's next steps in the anticipated lithium convocatoria negotiations in Bolivia, including any necessary expenditure for collection, transport and processing of bulk samples, as well as the further development of a pilot-plant to be deployed to a suitable salar, and for general working capital purposes.

David Horgan, Chairman, commented:

"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.

"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".

"

                   Further updates will be provided, as appropriate, in accordance with necessary clearances from the authorities.

Admission and TVR

The Placing shares will rank pari passu with the Company's existing Ordinary Shares. Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 8^th October 2024.

Following Admission, there will be a total of 8,193,326,117 Ordinary Shares in issue with each share carrying the right of one vote. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

ENDS

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy David Horgan, Chairman Jim Finn, Director	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer	[phone]
Broker Novum Securities Limited Colin Rowbury	[phone]
Public Relations BlytheRay Megan Ray	[phone]
Teneo Luke Hogg Alan Tyrrell Fia Long Alan Reynolds	[phone]

 

END