Summit Nanotech announces opening of $US 10M Series A raise, and signs an LOI with UK-Based CleanTech Lithium to join Summit's multi-client pilot program in Chile

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CALGARY, AB, May 17, 2021 /CNW/ - Summit Nanotech Corporation is pleased to announce 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 Corporation (CNW Group/Summit Nanotech Corporation)
Summit Nanotech Corporation (CNW Group/Summit Nanotech Corporation)

Summit Nanotech is also pleased to announce 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 experienced 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."

About Summit Nanotech

Summit Nanotech is a Calgary-based cleantech company that uses advanced materials to directly extract lithium from natural brines. Its proprietary denaLiTM 1.0 DLE process is scalable, requires no fresh water, doubles yield and reduces the use of chemicals and production of waste by 90%. For more information contact Amanda Hall, CEO and Founder, amanda@summitnanotech.com or visit www.summitnanotech.ca/.

About CleanTech Lithium

CleanTech Lithium is a privately held exploration mining company engaged in the appraisal and development of lithium brine deposits in Chile. CleanTech has purchased rights to 150 km2 of lithium rich assets on Laguna Verde and Francisco Basin near the mining centre of Copiapo, Chile. For more information contact Aldo Boitano, Managing Director, at aboitano@ctlithium.com or visit www.cleantechlithium.ca/.

Forward-looking statements

This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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SOURCE Summit Nanotech Corporation

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