Clontarf raises £1.3m via placing and subscription

Clontarf Energy plc has raised £1,300,000 before expenses via a placing and subscription for 2 billion new ordinary shares 0.01p each in the company.

ISSUED SHARE CAPITAL

The fundraise through “several Australian based brokers” was at a price of 0.065p per placing share, representing approximately 45.76% of the company’s issued share capital as enlarged by the placing. 

Additionally, 97,500,000 warrants over 97,500,000 ordinary shares were issued to the brokers involved in the placing. The warrants have a term of one year, and an exercise price of 0.065p.

Following admission, the Dublin-based company will have a total 4,370,826,117 ordinary shares in issue, with voting rights.

USES

Clontarf Energy will use the proceeds to advance its lithium projects in Bolivia and petroleum projects in Ghana, Australia and elsewhere.

The company said that, at the Bolivian authorities’ request in 2021, it had sought “market leading technologies capable of delivering high purity lithium salts, with minimum deleterious impurities”.

HEADS OF AGREEMENT

“We are optimistic that one such ionic separation technology may provide a breakthrough in volume processing of the large-scale brines available in Bolivian salt-lakes.

“Accordingly, Clontarf Energy is finalising a heads of agreement with a potential DLE [direct lithium extraction] processing partner on establishing a joint venture to exploit all available brines in Bolivia, subject to, inter alia, necessary government approvals.”

The work follows an augering campaign, and “encouraging” chemical analysis on the areas of the targeted salt-lakes of highest priority.

Clontarf Energy is an emerging lithium, and oil and gas exploration and production company focused on South America and Africa.

In addition to its lithium assets in Bolivia, the company has oil and gas interests in Chad and Ghana.