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CleanTech Lithium suspends CEO after share loan revealed

CleanTech Lithium PLC, an exploration and development firm focusing on lithium projects in Chile, has announced the suspension of its CEO, Aldo Boitano, pending an investigation into recent share transfers. The company disclosed that Boitano entered into a loan agreement with a financial institution on August 16, 2023, wherein he provided security over his ordinary shares in the company.

According to the disclosure, between September 8, 2023, and February 6, 2024, Boitano transferred his entire holding of 9,400,002 ordinary shares to a custodian account nominated by the lender. However, he is unable to determine whether these shares were further transferred to a nominee account or sold to third parties by the lender.

You can read more on the matter here.

What’s going on?

• Bank of Canada Maintains Target Rate At 5.00% At April Meeting (theDeepDive)

• US, Japan to Announce Plans to Send Japanese Astronaut to Moon (Bloomberg)

• US Inflation Jumps By 0.4 In March, CPI Up 3.5% Over Last Twelve Months (theDeepDive)

• Prime Minister Justin Trudeau to testify at foreign interference inquiry (BNN)

• Norfolk Southern to Pay $600 Million to Settle Ohio Derailment Lawsuits (theDeepDive)

• Amazon to Stop Paying Developers to Create Apps For Alexa (Bloomberg)

• Japan’s Utilities Warn New Nuclear Plants Needed to Meet 2050 Net Zero Goal (theDeepDive)

• Ontario looks at counting student residences toward aim of building 1.5 million homes (BNN)

• Would You Sell Your Credit Card Tradelines for $40 a Month? (theDeepDive)

• WTO forecasts rebound in global trade but keeps geopolitical risks in focus (CNBC)

• Saudi Arabia Scales Back Insanely Ambitious Plans for Mega-City Neom (theDeepDive)

What’s the latest?

• Rates Maintained: The Bank of Canada has maintained its policy rate at 5% for the sixth consecutive meeting, signaling a cautious approach toward potential rate cuts. Despite not moving the rate, officials, led by Governor Tiff Macklem, expressed growing confidence in the gradual easing of inflation pressures but emphasized the need for more sustained evidence before considering rate reductions.

• US Inflation: In March, the U.S. Consumer Price Index (CPI) rose by 0.4%, led by a 1.7% increase in gasoline prices and a 0.4% rise in shelter costs. Over the past 12 months, the CPI increased by 3.5%, marking the highest rise since September.

• Ontario Housing: Ontario's government is exploring the inclusion of student residences and retirement homes in its housing starts count, aiming toward the ambitious target of constructing 1.5 million new homes within a decade. This consideration has sparked criticism from opposition leaders who argue that such counts could distract from the primary goal of increasing the availability and affordability of traditional homes.

• Gold Falls: Gold prices retreated from their peak as the U.S. dollar and Treasury yields strengthened in response to an inflation report that was more robust than anticipated, tempering forecasts for an imminent rate reduction by the Federal Reserve. Spot gold declined by 0.6%, while U.S. gold futures dipped slightly.

• China Downgrade: Fitch downgraded its outlook on China's sovereign credit rating to negative, highlighting the dual challenge of slower growth and rising debt affecting the country's public finances. The agency forecasts China's government debt to GDP will increase to 61.3% in 2024 from 56.1% in 2023, with the general government deficit expected to rise to 7.1% of GDP in 2024 from 5.8% in 2023. Despite this outlook revision, Fitch affirmed China's issuer default rating at 'A+'.

ISR Uranium Extraction: Fast, Affordable, Eco-Friendly

The stock market and stuff

• Celsius Victims Urged to Share Stories as Alex Mashinsky Fraud Trial Looms (theDeepDive)

• Tesco Launches $1.27 Bln Share Buyback; Expects Higher Profit as Consumer Sentiment Improves (WSJ)

• First Quantum Warns Environmental Risks Of Idle Copper Storage At Cobre Panamá Mine (theDeepDive)

• 7-Eleven Owner Weighs IPO of Superstore Business (WSJ)

In the juniors

• Revival Gold To Acquire Private ExploreCo Ensign Minerals For $23.0 Million In Shares (theDeepDive)

• Amylyx down 6% despite encouraging phase 2 data on rare disorder drug (SA)

• China’s IM Motors Unveils L6 Sedan with Solid-State Battery Option (theDeepDive)

FULL DISCLOSURE: Anfield Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Anfield Energy. The author has been compensated to cover Anfield Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.