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Metals One partially sells stake in CleanTech Lithium
(Sharecast News) - Metals One said on Monday that it has partially sold its stake in CleanTech Lithium, realising a profit after disposing of seven million shares in the company. The AIM-traded firm said the shares were sold for £0.91m after it was approached by a buyer seeking to acquire the block.
It said the disposal represented a gain of about 159% on the group's weighted average purchase price, following its initial investment in CleanTech Lithium in August last year.
Following the transaction, Metals One retained 5.85 million shares in CleanTech Lithium, equivalent to around 2.88% of the company's issued share capital.
The group also continued to hold 20 million warrants with an exercise price of 6p expiring in August 2030.
CleanTech Lithium's shares closed at 11.75p on 13 March.
Managing director Daniel Maling said the company remained positive on CleanTech Lithium's development prospects.
"We are pleased with the recent developments CleanTech Lithium has made at its Laguna Verde project, specifically the award of the Special Lithium Operating Contract by Chile's Ministry of Mining, which represents a major milestone in the development of the project," he said.
He added that after taking profit on part of its holding, Metals One still retained "significant upside exposure" to the next phase of the Laguna Verde project through its remaining shares and warrants.
At 1335 GMT, shares in Metals One were up 7.46% at 1.8p.
Reporting by Josh White for Sharecast.com.
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