Source - Alliance News

CleanTech Lithium PLC on Friday said it intends to pursue a listing on the Australian Securities Exchange, hoping to begin trading by the third quarter of 2023.

The Chile-focused lithium exploration and development company said it has examined the merits of an ASX listing in Sydney over the past few months.

It has held discussions with a number of major shareholders and other parties, including two visits to Australia by Chief Executive Officer Aldo Boitano.

CleanTech Lithium cited multiple benefits for the company to pursue an ASX listing.

These include around 31% of its current share register being either based in Australia or has some other link to the country, and strongly encouraging CleanTech to list on this exchange ‘as soon as possible’ by those shareholders who were canvassed on this; and claiming that various funds and financial institutions indicated a wish to invest but were restricted from doing so as the company was not listed on ASX.

Other reasons include bringing its Chile projects ‘to the attention of a robust resources market where lithium exploration companies have attracted considerable investor interest’; expectations that admission will extend its shareholder base, enable wider trading and provide greater liquidity; allow existing Australian investors to reposition its UK-held securities to Australia, if they wished to do so; and to enable closer communication with Australian investors.

CleanTech Lithium hopes to complete its ASX listing by the third quarter of 2023, following a process including the publication of audited 20222 results and an updated competent person report.

Both of these documents will be included in its ASX prospectus, which it said will be prepared in the coming months.

It said an ASX listing would not affect CleanTech Lithium shares trading on AIM in London or on OTCQB in North America.

‘We believe we have the potential to produce some of the cleanest lithium in the electric vehicle market and have demonstrated real growth and operational momentum since we listed on AIM in March 2022,’ said CEO Boitano.

‘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.’

Shares in CleanTech Lithium were down 3.1% to 68.78 pence each in London on Friday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Cleantech Lithium PLC (CTL)

+0.25p (+1.72%)
delayed 15:57PM