CleanTech Lithium PLC (AIM:CTL), an AIM-traded exploration and development company with projects in Chile, said it has applied to have its shares publicly cross traded on the OTCQX Market in the US, giving it access to investors across the pond.
"We believe that dual trading on the OTC and AIM markets will be another important step for the CleanTech Lithium corporate platform, supplemented by recent listings on various stock exchanges in Germany, as previously announced,” said chief executive Adlo Boitano.
“Dual trading on OTCQX will, we believe, serve to diversify the share register and increase exposure to a broader range of investors, whether US-based or ESG-focused. This action comes on the back of an already increased level of interest from US investors.”
Listing on the OTCQX is expected to take about eight weeks, said CleanTech, adding that the move will not impact its AIM-traded shares and that no new ordinary shares will be issued as part of the cross trade on the OTCQX.
“Given the incentives potentially available to companies such as CleanTech Lithium following the Inflation Reduction Act, we believe US-based investors will understand the very real benefits of this for CleanTech Lithium and we would welcome their investment in our company,” said Boitano.
Under the US Inflation Reduction Act of 2022, 80% of the minerals in electric vehicle batteries will be required by 2026 to be sourced from the US or a country which has a free trade agreement (FTA) with the US. Chile is the only major producer of battery grade lithium carbonate/hydroxide that has a FTA with the US. The law also provides financial incentives in the US to companies that can increase the security of supply of battery minerals.
CleanTech said it is still considering an additional potential listing on the Australian Stock Exchange in 2023 and CEO Boitano has recently completed a second visit to Australia over the past week to undertake further exploratory discussions with various parties.