Placing to raise £500,000

RNS Number : 6843X

Clontarf Energy PLC

06 May 2021

 

6^th May 2021

Clontarf Energy plc

("Clontarf" or "the Company")

Placing to raise £500,000

The Directors of Clontarf (AIM: CLON) are pleased to announce that the Company has raised £500,000 (before expenses) via the placing of 153,846,153 ordinary shares (the "Placing Shares") with new and existing investors at a price of 0.325p per Placing Share (the "Placing").  The Placing Shares represent approximately 17.67% of the Company's issued share capital as enlarged by the Placing. Monecor (London) Ltd, trading as ETX Capital ("ETX Capital"), acted as the Company's sole placing agent in respect of the Placing.

The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company's Bolivian lithium and Ghanaian assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects.

Bolivian salt pans contain at least 50% of the world's brine lithium yet it has not been developed. The EU now estimates that global demand by 2050 will be 60 times the current lithium supply.  The Board believes there is no economic way to supply this without major Bolivian supplies.

The Placing shares will rank pari passu with the Company's existing ordinary shares of 0.25p each (the "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 12^th May 2021.

Following the Admission of the Placing Shares, there will be a total of 870,826,117 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.

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

Clontarf Energy John Teeling, Chairman David Horgan, Director	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer Georgia Langoulant	[phone]
Broker Novum Securities Limited Colin Rowbury	[phone]
Blytheweigh - PR Megan Ray Alice McLaren Madeleine Gordon-Foxwell	[phone]
Teneo Luke Hogg Alan Tyrrell		[phone] [phone]

 

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