CleanTech Lithium, a company involved in exploration and the development of two lithium projects in Chile, on Thursday started trading on the London Stock Exchange’s Aim market.
Admission followed a placing by Fox-Davies Capital for a total of 18 666 667 shares at 30p each, raising gross proceeds of £5.6-million, before expenses.
The company has 79 033 242 ordinary shares in issue following its admission, giving it a market capitalisation at the placing price of £23.7-million.
CEO Aldo Boitano said that the placing and admission to Aim would greatly support CleanTech’s ability to deliver value for stakeholders from its two lithium projects.
“These assets offer a rare opportunity for investors to gain exposure to lithium projects, located within the heart of the lithium triangle, in South America.
“The projects offer near-term potential to produce battery-grade lithium, which is a core component of batteries needed for the rapidly growing electric vehicle market,” he said.
Boitano added that CleanTech would aim to produce zero or near-zero emissions lithium, with minimal environmental impact, creating a clear advantage in the fast-growing EU markets.