Clontarf Energy plc has completed its joint venture (JV) for direct lithium extraction from brine in Bolivia as it plans to expand its portfolio.
TERMS
Following all conditions precedent being satisfied for the deal signed in February 2023, the company has now paid partner NEXT-ChemX Corporation US$500,000.
It will also issue to the US-based company 385 million new Clontarf ordinary shares, of which half will be subject to a 12-month lock-in requirement.
NEXT-ChemX has also provided Clontarf with $500,000 proof of funds.
On admission, Clontarf will have 4,755,826,117 ordinary shares in issue, each with one voting right.
TESTWORK
Chairman David Horgan added that recent discussions in Asia had reinforced the company’s belief in market demand for environmentally friendly and cost-efficient lithium from brines.
“Our team has been working with various licence holders and regulatory bodies to provide sufficient volumes of priority brines for laboratory testwork.
“Once these tests have yielded adequate results, we expect to move to pilot plant volumes.
“This work should enable confirmation of the commerciality of the NEXT-ChemX DLE process and move to the application of the technology across a number of lithium brine projects.”