Clontarf Energy plc has raised £400,000 before expenses via a placing of 1,142,857,143 new ordinary shares of 0.01p each in the company at a price of 0.035p per placing share.
The placing shares represent approximately 18% of the company’s issued share capital as enlarged by the placing.
Following admission, Clontarf will have a total of 6,336,183,260 ordinary shares in issue, each with the right of one vote.
Net proceeds will progress the company’s lithium projects in Bolivia and neighbouring countries as well as petroleum projects in Ghana, Australia and elsewhere, and for general working capital.
The company said that since submitting its qualification materials in relation to the call for bids to extract lithium in Bolivia, it had received approval to advance to the second phase of the assessment process.