Bolivia Update, Fundraising and TVR

Clontarf Energy PLC

23 May 2024

 

23 May 2024                                                                                                   

Clontarf Energy plc

("Clontarf" or the "Company")

Bolivia Update, Fundraising and TVR

Bolivian Brines Qualification and Negotiations 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 £300,000 (before expenses) via a placing of 857,142,857 new ordinary shares of 0.01p each in the Company ("Ordinary Shares") ("Placing Shares") at a price of 0.035p per Placing Share (the "Placing").

CMC Markets UK Plc, trading as CMC CapX, acted as the Company's sole placing agent in respect of the Placing.

The Placing Shares represent approximately 11.92% 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's lithium projects in Bolivia, and neighbouring countries, as well as on petroleum projects in Ghana, Australia, and elsewhere, and for general working capital purposes.

Bolivia Update

Clontarf Energy plc is progressing its activities in Bolivia and is pleased to update shareholders:

Further to the Company's 15th May 2024 announcement, Clontarf and its joint venture partner, NEXT-ChemX, and wider financial partners- are now completing the materials required to be submitted to pass from Phase 3 to Phase 4 of the convocatoria process, which will include confirmation of the JV partners' financial capacity, a review of the last 5-years' accounts and a risk-rating.  

                       Also on the 28^th May, Clontarf will present to the EU Commission Expert Group On Enhanced Coordination of External Financial Tools on our needs & ideas regarding EU involvement in Bolivia's lithium industry, and particularly the current convocatoria.

The EU lists Lithium as one of 34 inputs, of which 17 are strategic, under the Critical Raw Materials Act, for Europe to replace fossil fuels with cleaner energy.

The Critical Raw Materials Act aims "to deliver 10% of extraction, 40% of refining and 15% of recycling of key minerals by 2030". Lithium is now considered among the most critical materials.

                     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 29 May 2024.

Following Admission, there will be a total of 7,193,326,117 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