Clean Teq Water (ASX:CNQ) announces quarterly results

Clean Teq Water (ASX:CNQ) announced financial results for the quarter ended 30 September 2022.

Quarterly cash receipts of $2.0m.

30% growth cash receipts in Q1 FY23 compared with Q1 FY22.

Net cash used in operating activities was $2.5m, up from $2m in June 2022 quarter.

The Company had $3.3m cash on hand as at 30 September 2022; Pro forma cash of $8.1m post capital raise.

Post quarter end announced a $5m two-tranche placement to new and institutional and sophisticated investors, of which $2.5m is subject to shareholder approval.

An order of $10m was received for the construction of a recycled delivery Treatment Facility at Cleveland Bay Purification Plant for Townsville City Council.

A partnership was established with Upwell Water LLC to invest in water treatment plants and sell water treatment services under a Build, Operate and Transfer (BOOT) delivery model.

Signed LOI with Computational Geosciences Inc.and XtraLiT Ltd, to establish a Joint Venture for lithium production from brines using direct lithium extraction.

An exclusive global technology licence agreement was signed with Soane Labs LLC for its Accelerated Dewatering Technology known as ATA.

NematiQ entered into an MOU with Schreurs & Sons Pty Ltd, one of the Australia?s largest and most prominent celery and leek growers, to demonstrate water recycling using Graphene Membrane.

Opening of an office in the Netherlands for expansion into the European market.

Following the announcement the company?s share price fell 14.285%.