CleanTech Lithium Plc announced a private placement of Convertible Loan Notes for the gross proceeds of £1,000,000 on April 19, 2024. The noteholder has the right at any time to convert each convertible note, subject to a minimum denomination value of £50,000, into ordinary shares in the company by giving the company 10 business day's written notice of its intention to convert. The notes can be converted at any time into ordinary shares in the company at the conversion price which is the lower of a 50% premium to the 30-day Volume Weighted Average Price prior to a conversion notice or £0.30 per ordinary share.

The notes have a maturity date of April 19, 2027. The Noteholder will have the option to have interest settled in cash on a semi-annual basis. Any interest not cash settled will be accrued and added to the balance owing to the Lender at the maturity date or at the time of any conversion.

The company may choose to early repay the outstanding balance of the notes at any time up to Maturity Date by providing at least 30 days' written notice to the Noteholder.