Lake Resources NL (ASX:LKE) Placement Update

Lithium explorer and developer Lake Resources NL (ASX:LKE) (FRA:LK1) has issued 36,521,850 shares at an issue price of $0.04 per share to raise approximately A$1.47 million before costs, in a private placement to sophisticated and professional investors (Placement) using its existing placement capacity under ASX Listing Rules 7.1 and 7.1A. The Company anticipates a further tranche of 12,500,000 Shares under the Placement will be issued early next week. This will result in a total of 49,021,850 shares being issued under the Placement which will raise a total of $1,960,874 (before costs).

The Company has also reached an agreement with the Convertible Securities holder, SBI Investments (PR), LLC to extend the date for payment of the Cash Portion from 14 February 2020 to 18 February 2020 to close out the Convertible Securities facility.

Share Purchase Plan

Considerable interest has been shown to date in the Share Purchase Plan (SPP) Offer which 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 up until the SPP Offer closes on 28 February 2020. The issue price of $0.04 per Share is the same as the private placement, at a 20% discount to the 5 trading day VWAP prior to the date of announcing the capital raising program ($0.050). Please see the relevant documentation under a Prospectus lodged on 10 February 2020 and available on the Company's website www.lakeresources.com.au

Funds raised through the Placement and the SPP will be used by Lake to make part of the cash payment required for the early close-out of the Convertible Securities facility, produce further high purity samples from the pilot plant for downstream participants (off-takers) to conduct qualification testing using the Lilac direct extraction process, the development, construction, transport and operation of the direct extraction pilot plant, the optimisation of the Pre-Feasibility Study (PFS), general exploration, the costs of the SPP Offer and the Placement and to provide additional working capital.

Lake looks forward to reporting on progress through to first large samples being produced late next month.


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.

   

Related Companies

Lake Resources NL