CleanTech retains CFO under consulting deal as it works towards Chile contract

(Sharecast News) - CleanTech Lithium said on Thursday that its application for a special lithium operating contract for the Laguna Verde project in Chile remained under review, as the company confirmed changes to its chief financial officer arrangements. The AIM-traded lithium developer submitted its CEOL application on 5 January and said it was continuing to engage constructively with the Chilean authorities.

Since submission, chief executive Ignacio Mehech has held several meetings with the Ministry of Mining.

The company said it remained confident that it met the criteria set out by the government for the Laguna Verde CEOL award, and would update the market when there was definitive news.

Separately, CleanTech Lithium confirmed that Gordon Stein stepped down as chief financial officer on 11 February, having already resigned from the board on 11 August last year.

As the group entered a new phase of development and worked with recently-appointed project financial adviser Cutfield Freeman & Co to identify and secure a strategic partner to fund the next stage of the project, the board had agreed to retain Stein under a consulting agreement until the end of June.

Under the arrangement, Stein would lead activities related to securing a strategic partner and would continue to fulfil the role of non-board CFO to maintain continuity and momentum during the funding process.

At 1348 GMT, shares in CleanTech Lithium were down 1.62% at 9.1p.

Reporting by Josh White for Sharecast.com.