Clontarf Energy Plc, an emerging lithium, and oil & gas Exploration & Production company announce that the Company has raised £1,300,000 (before expenses) via the placing of, and subscription for, 2 billion new ordinary shares 0.01p each in the Company ("Ordinary Shares") (the "Placing Shares"), via several Australian based brokers, at a price of 0.065p per Placing Share (the "Placing"). The Placing Shares represent approximately 45.76% of the Company's issued share capital as enlarged by the Placing. 

 

The Placing shares will rank pari passu with the Company's existing Ordinary Shares. Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 19 January 2023. The issue of the Placing Shares is being satisfied from the Directors' existing authority to allot shares free of pre-emption rights.

 

The net proceeds of the Placing will be used to advance Clontarf's lithium projects in Bolivia, and petroleum projects in Ghana, Australia, and elsewhere.

 

Chairman, David Horgan, commented, "There are few commercial alternatives to serve anticipated lithium demand without direct lithium extraction processing on Bolivian salt-lakes. Hard rock lithium sources dominate current global supply, but 90% of upgrading occurs in China, including in coal-fired furnaces at circa 800°C. This makes a mockery of claims that current lithium sources are 'Green'.

 

"By contrast, extraction of circa 5% of brines volume through fluid extraction has a modest environmental footprint, and potentially much lower costs.

 

"Clontarf Energy's team has 34 years Bolivian operating experience. Local sensitivities must be respected, and large-scale developments requires clarifying the Bolivian Lithium Law to confirm the legal basis for Joint Ventures with the authorities.

 

"The commodity industry is emerging from a period of restructuring. But the same environmentalism depressing investment in fossil fuels for a decade now drives demand for 'Green minerals', including lithium. Only explorers, developers and processing experts have the skills to develop the world's largest, lowest cost, and most environmentally-friendly deposits."