Lake Resources NL (ASX:LKE) Placement and Share Purchase Plan

Lithium explorer and developer Lake Resources NL (ASX:LKE) (FRA:LK1) welcomed the support of investors receiving commitments to raise $2 million, before costs, through the issue of approximately 50,000,000 shares at an issue price of $0.04, in a private placement to sophisticated and professional investors (Placement) using its existing placement capacity under ASX Listing Rules 7.1 and 7.1A.

Share Purchase Plan

A Share Purchase Plan (SPP) Offer is now available to all Eligible Shareholders to participate by subscribing for up to $30,000 worth of new Shares at an issue price of $0.04 per Share to raise up to $1.5 million (A$1,500,000) (SPP Offer) up until the SPP Offer closes on 28 February 2020. The issue price of $0.04 per Share is at a 20% discount to the 5-trading day VWAP prior to the date of announcing the capital raising program ($0.050) and a 15.8% discount to the 20 trading day VWAP ($0.047).

The SPP Offer is made under a Prospectus which the Company has lodged today. The Prospectus also includes a Shortfall Offer on the same terms as the SPP Offer which provides the Company with the ability to issue any shortfall under the SPP Offer up to the maximum available under the SPP Offer of $1,500,000. The Shortfall Offer closes on 13 March 2020.

Participation in the SPP is available to shareholders of the Company who are registered as holders of Shares at 7pm (AEDT) on the Record Date of 7 February 2020 and whose registered address is in Australia and New Zealand (Eligible Shareholders).

Under the SPP, each Eligible Shareholder may apply for up to $30,000 worth of new Shares at $0.04 cents per Share. Applications may be made for parcels of Shares in the amount of $1,000, $2,000, $5,000, $10,000, $15,000, $20,000, $25,000 or $30,000. For further details, please refer to the Company's Prospectus lodged today.

To view the Prospectus, please visit:
https://abnnewswire.net/lnk/6IKL5S85


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.

   

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