Clontarf Energy plc (AIM: CLON) announce that, as a follow-up to its statement on March 28, 2023, all prerequisite conditions have been met for the joint venture (JV) with NEXT-ChemX to become effective.
In relation to this, Clontarf has paid NEXT-ChemX Corporation US$500,000 and will now proceed with issuing 385 million new Ordinary Shares in Clontarf’s capital (“Consideration Shares”) to NEXT-ChemX, with half of them subject to a 12-month lock-in requirement. Additionally, NEXT-ChemX has provided Clontarf with proof of funds amounting to US$500,000.
Chairman David Horgan remarked:
“Finalizing Clontarf’s joint venture with our preferred Direct Lithium Extraction partner marks another significant milestone. A key aspect of the transaction involves the current and future exchange of shares between Clontarf Energy plc and NEXT-ChemX companies. We are also exploring ways to expand Clontarf’s growth potential beyond our promising Bolivian joint venture.
Lithium demand continues to rise, as do purity requirements in the Lithium-ion battery industry. Recent discussions in Asia have reinforced our confidence in market demand, especially for eco-friendly and cost-effective Lithium from brines.
Our team has been collaborating with various license-holders and regulatory bodies to secure adequate volumes of priority brines for lab test work. Once these tests produce satisfactory results, we anticipate moving to pilot plant volumes. This work should confirm the commercial viability of the NEXT-ChemX DLE process and facilitate its application across multiple lithium brine projects.”
Further information on the Consideration Shares and TVR:
The Consideration Shares will have equal standing with the Company’s existing Ordinary Shares. An application has been submitted for the Consideration Shares to be admitted for trading on AIM (“Admission”), with the expected effective date being around May 10, 2023. The issue of the Consideration Shares falls under the Directors’ existing authority to allot shares without pre-emption rights.
Upon the Admission of the Consideration Shares, a total of 4,755,826,117 Ordinary Shares will be in circulation, with each share carrying one vote. Shareholders can use this figure as the denominator for calculations to determine if they need to notify or change their interest in the Company according to the FCA’s Disclosure Guidance and Transparency Rules.
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