Clontarf Energy has announced it has raised £500,000 (before expenses) through the placing of 135,135,135 ordinary shares. Each placing share was sold to new investors at a price of 0.37p. The placing shares represent roughly 18.85% of Clontarf Energy’s issued share capital as enlarged by the placing.
Moreover, the company has announced how it will spend the fund. The net proceeds of the placing will cover the costs associated with the ongoing negotiations of its Ghanaian assets. Additionally, the fund will provide the company with additional working capital as it continues to assess new projects.
Furthermore, the placing shares will rank equally with the company’s existing ordinary shares. An application will be made to admit the placing shares to trading on the AIM. This is expected to become effective around 26 September 2018.
In addition to this announcement, Clontarf Energy also announced the submission of a proposal to explore Bolivia’s lithium-bearing salt-lake. Lithium from salt pans is currently in demand for high performance batteries.
At 15:52 BST today, Clontarf Energy (LON:CLON) shares were trading at -20.78%.