The Board of Directors of Clean TeQ Holdings Limited (ASX:CLQ) announced to spin off Water Business on February 22, 2021. Post completion of the spin-off, the resultant entity is expected to have 44.7 million shares on issue. Clean TeQ Holdings Limited intends to demerge its water business into a separate stand-alone company listed on ASX. Accordingly, the Board believes that the Clean TeQ Holdings Limited's name should be changed from “Clean TeQ Holdings Limited" to “Sunrise Energy Metals Limited. The management under Clean TeQ will include Peter Voigt (Executive Chairman), Ian Knight (Lead Independent Non-Executive Director), Stefanie Loader (Non-Executive Director) andSam Riggall (Non-Executive Director). Clean TeQ Holdings Limited is currently progressing a range of activities in anticipation of seeking shareholder approval for the demerger at a meeting to be scheduled on March 24, 2021. As of May 17, 2021 the shareholder meeting will be held on June 18, 2021. The target demerger implementation date of second quarter of calendar year 2021. As of May 17, 2021 the spin off will close on July 1, 2021 and Clean TeQ shares will commence trading on ASX on or about July 2, 2021. Grant Samuel Corporate Finance Pty Limited acted as financial advisor, Computershare Investor Services Pty Limited acted as transfer agent, Lonergan Edwards & Associates Limited acted as fairness opinion provider, Baker & Mckenzie acted as legal advisor and KPMG Financial Advisory Services (Australia) Pty Ltd., Accounting & Auditing Arm acted as accountant for Sunrise Energy. KPMG will be given a fees of AUD 0.13 million for preparing investigative report and Lonegran will receive a fees of AUD 0.08 million.

The Board of Directors of Clean TeQ Holdings Limited (ASX:CLQ) completed the spin off Water Business on July 1, 2021. Water Business of Clean TeQ Holdings Limited was name changed to Clean TeQ Water Limited and got listed on July 2, 2021.