CleanTech Lithium PLC proposed listing on ASX

Canaccord Genuity (Australia) Limited and Fox-Davies Capital Limited have been appointed as joint lead managers and, subject to the relevant approvals and regulatory processes, it is anticipated that trading on ASX may be achieved by 3Q23.

Highlights:

The Board has examined the merits of an ASX listing over the past few months and has held discussions with a number of its major shareholders and other parties in this regard; this has also included two visits to Australia by the Company’s CEO, Aldo Boitano, supported by Fox Davies and Canaccord.

The Board has concluded that there will be real benefits for the Company and its shareholders to move forward with a listing on ASX for the following reasons:

• Approximately 31% of the company’s current share register is either based in Australia or has some other link to the country, and the company was strongly encouraged to list on this exchange as soon as possible by those shareholders who were canvassed on this.
• During previous investor meetings in Australia, various funds and financial institutions indicated a wish to invest in the company but were restricted from doing so as the company was not listed on ASX, they also encouraged the company to list on ASX as soon as possible.
• It would bring the company’s Laguna Verde, Francisco Basin, and Llamara projects in Chile to the attention of a robust resources market where lithium exploration companies have attracted considerable investor interest.
• Admission to the ASX is expected to further extend CleanTech Lithium’s shareholder base, enable wider trading of CleanTech Lithium shares and provide greater liquidity for CleanTech Lithium shares.
• An ASX listing will also allow existing Australian investors the opportunity to reposition securities held in the UK to Australia, should they so desire.
• An ASX listing will enable closer communication with Australian investors.

To list on the ASX, the company will inter alia be required to demonstrate that it will have sufficient shareholders to establish and maintain a market on ASX, this being at least 300 non-affiliated shareholders each of which have a shareholding of at least AUS$2000 in value.

The company is anticipating, subject to meeting ASX admission requirements, to complete its ASX listing in 3Q23. The process requires the publication of the company’s audited financial statements for 2022 and also an updated competent persons report, both to be included in the ASX prospectus which will be prepared over the coming months.

Listing on the ASX will not affect the company’s existing ordinary shares trading on the AIM Market of the London Stock Exchange or on the OTCQB Venture Market in North America.

There is no guarantee, however, that CleanTech Lithium will be admitted to the official list of the ASX.

Aldo Boitano, Chief Executive of CleanTech Lithium, said: “We are delighted to announce the company’s intention to list its shares on the ASX, in addition to the recently announced commencement of our trading on OTC in the US, and also on some German trading platforms. Further to its listing on AIM and OTC, it is expected that a listing of CleanTech Lithium shares in Australia will broaden the company’s shareholder base and extend the company’s presence globally. We also expect that listing on the ASX will provide a new platform from which we can raise further awareness of the company’s exciting three lithium projects In Chile at a time when demand for lithium continues to soar. We believe we have the potential to produce some of the cleanest lithium in the EV market and have demonstrated real growth and operational momentum since we listed on AIM in March 2022.

“The ASX market has seen a growing interest in green commodities, in line with the global transition to a lower carbon future, and we have seen the valuations of many ASX listed companies involved in the lithium supply chain benefit as a result. We feel that listing on the ASX is timely and will enable a more favourable valuation of the company and its assets. We have also been encouraged by our major shareholders and other potential investors to take this route, especially given our strong relationship with Australian shareholders on our register.

“We are also delighted that Canaccord and Fox-Davies will act as joint lead managers for the planned listing on ASX. We have been very well supported by both entities as we have grown over the past year and look forward to working with them to broaden our shareholder base on ASX.

“These continue to be exciting times for our company and we will endeavour to keep our shareholders up to date with our progress on the listing process over the coming months.”

Read the article online at: https://www.globalminingreview.com/finance-business/27022023/cleantech-lithium-plc-proposed-listing-on-asx/