CleanTech Lithium said it has completed a £12.3mln fundraising to carry out further exploration of its three projects in Chile.
Initially with a target of £10mln, CleanTech Lithium said the size of the offer was increased due to demand.
Priced at 47p, a 4% discount to the average price over the past ten days, the new shares issued amount to 25% of the enlarged number in issue.
Aldo Boitano, CleanTech Lithium’s chief executive, said he was delighted with the outcome in difficult market conditions,
“We have secured some terrific new names on our share register and have also received excellent support from some of our current shareholders who have invested again in this round, some increasing their stake in the company," he noted in a statement.
“The new funds will enable the company to progress our resource evaluation programmes on all three of our projects and will also allow us to undertake additional drilling activities at Llamara, should we have success on the exploration well.
“The new funds will also allow us to complete the important technical work being progressed on the EIA, Scoping and Hydrogeology Studies, and also on the Laguna Verde PFS when commenced in the near future," Boitano added.