"This funding provides a strong platform to deliver on our significant pipeline of water solutions projects, progress NematiQ towards commercialisation and establish our metals recovery credentials in Direct Lithium Extraction," CEO Willem Vriesendorp said. CNQ said it planned to raise roughly $2.5 million under each tranche of the placement. Tranche two, however, will be subject to shareholder approval with, major shareholder Robert Friedland set to subscribe for approximately $2 million. Shares under tranche one are expected to settle on November 2 and be allocated on November 3, while shares under tranche two are expected to settle on December 19 and be allocated on December 20. Shares in Clean TeQ were down 13.7 per cent and trading at 41 cents at 1:54 pm AEDT.