Clontarf Energy has successfully procured £450,000 (equivalent to €540,000) by issuing 1 billion fresh shares for the purpose of financing potential dealings in Bolivia. These allotment shares, valued at 0.045 pence per piece, amount to 12.2 per cent of its total allocated share capital.
The company plans to utilise the net income generated from this allocation for funding its anticipated expenditure in the forthcoming lithium convocatoria negotiations in Bolivia. This includes covering costs related to the assembly, conveyance, and refinement of bulk samples, the advancement of an experimental plant, and for basic operational capital needs.
The Chairman of Clontarf Energy, David Horgan, shared that the International Convocatoria in Bolivia has undergone significant development over the preceding months. Their collaborative project’s experimental plant, situated in an established industrial area in Mumbai, is awaiting the receipt of bulk samples for testing for production competence.
He further revealed that they foresee progressing with their planned conscientious investigation in the months ahead, which could entail plant visits from Bolivian specialists to scrutinise and evaluate the results of the production trials. Asserting optimism, he stated that if the scrutiny and analysis yield positive results, they would aim to recommend an initial introduction of a customised experimental plant to one or more Bolivian salt flats as and when they secure the necessary permits and the details are agreed upon.
He opined that in this event, securing the necessary funding ahead of time is a logical move to increase the prospects of swift progression. An application will be made to permit the trading of the shares on AIM, with the admission projected to be in effect by October 8th, 2024. Following this, the total tally of ordinary shares in circulation is anticipated to reach nearly 8.2 million.