CleanTech to pursue additional listing on ASX

Chile-focussed explorer and developer CleanTech Lithium announced its intention to pursue a listing on the official list of the Australian Securities Exchange (ASX) on Friday.

The AIM-traded company said it had appointed Canaccord Genuity and Fox-Davies Capital as joint lead managers.

Its board said it concluded that listing on the ASX would benefit the company and its shareholders, with the move bringing its lithium projects in Chile to the attention of a “robust” resources market where lithium exploration companies were attracting significant investor interest.

The company said it expected to complete its ASX listing in the third quarter of this year, subject to meeting admission requirements.

Listing on the ASX would not affect the firm’s existing trading on the AIM market in London, or on the OTCQB Venture Market in New York.

“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,” said chief executive officer Aldo Boitano.

“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.”

Boitano said the firm believed it had the potential to produce “some of the cleanest lithium” in the electric vehicle (EV) market, adding that it had demonstrated “real growth and operational momentum” since listing on AIM in March last year.

“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.”

At 1357 GMT, shares in CleanTech Lithium were down 1.41% in London at 70p.

Reporting by Josh White for Sharecast.com.