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CleanTech Lithium confirms delay to planned ASX listing
(Sharecast News) - CleanTech Lithium said in an update on Wednesday that it now expected its Australian Securities Exchange (ASX) listing to launch in April and complete in May, later than initially planned. The AIM-traded company said it and its advisers believed waiting for a decision on entering direct negotiations for the special lithium operating contract (CEOL) for the Laguna Verde project, along with the completion of its pre-feasibility study (PFS), would strengthen its investment case in the Australian market.
As part of the ASX listing process, the firm said it would be required to include its audited financial results for 2024 in the prospectus.
Those financials were said to be well-advanced and were expected to be released by the end of March, ahead of the usual schedule, allowing the prospectus to be finalised soon after.
The pre-feasibility study remains on track for completion in April and will also be included in the prospectus.
Separately, the company announced that Tony Esplin, who was designated as CEO in November, had decided not to take up the role for personal reasons.
His appointment was conditional on the successful ASX listing, which was now expected in May.
Executive chairman Steve Kesler would continue as interim CEO while the board re-engaged with alternative candidates to lead CleanTech Lithium into its next phase of growth.
"We believe that pushing out the ASX listing to include the resolution allowing the company to enter direct negotiation with government on the CEOL and results from the pre-feasibility study will be taken positively by Australian investors," said executive chairman Steve Kesler.
"We regret that Tony has decided to withdraw from the proposed appointment as CEO, and we will start to re-engage with other high calibre candidates immediately."
At 1437 GMT, shares in CleanTech Lithium were down 5.88% at 12p.
Reporting by Josh White for Sharecast.com.
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