CLQ 1.96% 25.0¢ clean teq holdings limited

Ann: CLQ undertakes $4.0m placement to institutional investors-CLQ.AX, page-2

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    Clean TeQ undertakes $4.0 million placement to institutional investors.

    Clean TeQ Holdings Limited (ASX:CLQ) (Clean TeQ or Company) has agreed a private placement of 19,047,620 new shares at an issue price of $0.21 per share to raise proceeds of $4.0 million. The shares have been subscribed for by two institutional investors based in Sydney and Hong Kong. Lead manager to the placement is BW Equities Pty Ltd. The $4.0 million proceeds will be used to strengthen Clean TeQ’s balance sheet and provide additional working capital for ongoing Syerston marketing activities and water business development. Settlement of the subscription proceeds and issue of shares is scheduled to occur on 12 May 2016. The placement price of $0.21 per share represents a 4.5% discount to the closing price of Clean TeQ shares on 6 May 2016 and 5.8% premium to the 20 day volume weighted average price up to and including 6 May 2016. Clean TeQ Chairman and CEO Sam Riggall stated, “We are delighted to welcome two additional high calibre institutional investors onto the register.

    Both funds have the capacity to support the company with future fundraising requirements. This raise places Clean TeQ in a strong financial position as we continue to progress current activities in respect of the completion of the Syerston feasibility study, scandium marketing and our water business in China.” Clean TeQ is the 100% owner of the Syerston Scandium Project in central New South Wales. Through the development of Syerston, Clean TeQ has the opportunity to become the leading, and lowest cost, supplier of scandium to the global transportation industry.

    The Syerston Scandium Project Feasibility Study is progressing on schedule with results expected to be released to market in June 2016. Clean TeQ’s Continuous Ionic Filtration & Exchange (CIF®) and Macroporous Polymer Adsorption (MPA®) resin technologies provide cost effective solutions to the mining, oil and gas and municipal industries for the treatment of waste waters. Clean TeQ’s water business is focused on the Chinese market, where significant opportunities exist in the field of water purification.

    Recent local laboratory trials and field trials of Clean TeQ’s innovative CIF® process at potential customers’ facilities in China have been successful in meeting local water quality regulations and economic benchmarks. The Company expects to be in discussions on the contractual arrangements for the first project in the next quarter
 
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