Argentine-focused lithium exploration and project development company Lake Resources NL (
- LKE has raised A$1 million in an unsecured convertible note.
- Upsizing a similar financing structure will be considered early in the new year.
The funds received from the issue of the Notes will be used by the Company towards:
- accelerating the PFS at Kachi, including resource expansion, and potentially a pilot plant;
- drilling at the Cauchari/Olaroz projects and further exploration at its Paso and Catamarca Pegmatite Projects;
- repaying a portion of the Company's outstanding short term debt; and
- working capital.
As the Notes will only be issued to eligible sophisticated and professional investors, the Company does not currently intend to issue a prospectus or other disclosure document in relation to the Notes. However, under the terms of the Notes the Company may elect to do so in the future to facilitate further transferability of the Notes.
A further announcement will be made in due course once the Notes are issued. The Company will utilise its available capacity to issue equity securities under ASX Listing Rule 7.1 for the issue of the Notes.
To view a summary of the key terms of the Notes, please visit:
http://abnnewswire.net/lnk/OLKA8OII
About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
Contact
Steve PromnitzManaging Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au
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