Summit Nanotech announces opening of $US 10M Series A raise, and signs an LOI with CleanTech Lithium

Summit Nanotech Corporation (CNW Group/Summit Nanotech Corporation)

CALGARY — Summit Nanotech Corporation announces the opening of their $US 10M private placement Series A Financing Round. The Financing is anticipated to close in July 2021. Funds raised will be used to advance Summit’s denaLiTM DLE (direct lithium extraction) technology from the current pilot scale stage to a larger demonstration scale stage.

Summit Nanotech also announces that it has signed a Letter of Intent with UK-based CleanTech Lithium Ltd, to participate in the Company’s multi-client field pilot program in Chile. CleanTech Lithium is the sixth mining company to agree to participate in Summit’s denaLi™ 1.0 DLE pilot project. The pilot is expected to begin testing in the 4th quarter of 2021, and run for 6 months. Results from the pilot will be used to advance the denaLi™ lithium extraction processes toward full commercialization.

Amanda Hall, CEO/Founder of Summit Nanotech commented: “The importance of junior mining companies to create a responsible supply of lithium to the global Li-ion battery market cannot be overstated. CleanTech Lithium has a seasoned team backing their development projects, and Summit Nanotech is proud to be providing our technology to support their growth.”

CleanTech Lithium was incorporated in 2020 by the executive team of Aldo Boitano, Jason Baverstock and Luke Jarvis, with a plan to deliver sustainably sourced lithium from Chile to European markets. Aldo Boitano, Managing Director of Cleantech Lithium states: “We are delighted to participate in the field trial of Summit Nanotech’s leading green lithium extraction technology as we aim to fast-track development of our sustainable direct lithium extraction projects in Chile.”