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CleanTech Lithium defers second payment for optioned Laguna Verde licences in Chile

08:16, 22nd October 2024
Alastair Ford
Vox Newswire
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CleanTech Lithium PLC (CTLFollow | CTLhas reached an agreement with the Laguna Verde option vendors to extend the due date of the second staged payment of US$1.25 million that was scheduled for Monday 21st October 2024 under the sale and purchase agreement of April 2024. 

The agreed extension for the payment is to allow CleanTech additional time to complete the listing process on the Australian Securities Exchange. 

It is expected that the payment will now be made following the completion of the ASX listing, intended for later this year.

The company has made significant progress at the Laguna Verde project since the April announcement, which detailed the acquisition of the 23 remaining licences, previously subject to an option agreement. 

CleanTech made the first payment under the SPA at the time of execution.

The extension to the payment will not affect CleanTech’s holding of the Laguna Verde option licences. 

The company retains 100% ownership of the licences which will form part of the Special Lithium Operating Contract (CEOL) application the company plans to submit to the Chilean Government before the end of this year.

"I am grateful for the Vendors understanding and agreement to extend the payment deadline in light of the ASX listing delays,” said Steve Kesler, executive chairman of CleanTech. 

“This collaborative approach underscores the strength of our partnership and reinforces our commitment to mutual success. As we work through this phase, we remain highly optimistic about the long-term outlook for the lithium market. The demand for lithium will continue to rise, driven by the needs of electric vehicles and energy storage solutions. We believe we are well positioned in Chile to become the next lithium producer to help meet this demand."

 

View from Vox

 

CleanTech's relationships in Chile have proved crucial to the progress the company's made thus far, and the flexibility shown by the option vendors only goes to underscore that. The ASX listing will give CleanTech more overall manoeuvrability, not just in terms of payment for the optioned licences, but in allowing the company access to a mining and resources market that has lately been a lot more vibrant than London.

 

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