CleanTech Lithium (CTL ), a Chile-focused lithium explorer, announced its intention to list on the Australian Securities Exchange.
CleanTech has appointed Canaccord Genuity and Fox-Davies Capital Limited as joint lead managers for the planned listing. Pending regulatory approvals, trading on ASX is expected by Q3 2023.
The process will require the publication of CleanTech's audited financial statements for 2022 and an updated competent persons report, both to be included in the ASX prospectus expected in the coming months.
CleanTech said listing on ASX will not affect its shares trading on the AIM market of the LSE or the OTCQB Venture Market in North America.
Aldo Boitano, CEO, commented: "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 USA and also on some German trading platforms. 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. We believe we have the potential to produce some of the cleanest lithium in the EV market and have demonstrated real growth and operational momentum since we listed on AIM in March 2022."
View from Vox
CleanTech continues to expand its presence on public equity markets, adding ASX to the list of platforms where its shares can be purchased. With approximately 31% of CleanTech's share register based in Australia or having a link to Australia, there are tangible benefits to CleanTech's pursuit of an ASX listing.
Naturally, prospective Australian investors, including funds, financial institutions, and other stakeholders, have previously asked CleanTech to list on Australia's exchange, facilitating their participation in the company.
Moreover, a listing on ASX will bring CleanTech's Chilean lithium projects - Laguna Verde, Francisco Basin, and Llamara - to the attention of Australia's large natural resources market. As a major lithium producer, Australia sees high investor interest in lithium exploration companies and green commodities in general. Listing on ASX tends to lift the valuations of companies involved in the lithium supply chain.
A listing on ASX should therefore significantly expand CleanTech's shareholder base, improve its shares' liquidity, and give its investors the flexibility to transfer shares between the UK and Australia.
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