Lake Resources NL (ASX:LKE) Share Purchase Plan Announcement

Lake Resources N.L. (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) is pleased to announce the opening of the Lake Share Purchase Plan ("SPP") Offer.

Lake announced on 12 March 2024 that it would be undertaking a Share Purchase Plan. The Share Purchase Plan is now open to eligible existing Lake shareholders with a registered address in Australia and New Zealand ("Eligible Shareholders") who were holders of Lake shares as at 7.00pm (AEDT) on 11 March 2024 ("Record Date") to apply for up to A$30,000 of new fully paid ordinary shares in Lake ("SPP Shares") without incurring brokerage or other transaction costs.

The Share Purchase Plan follows the successful completion of a A$15 million placement ("Placement") of approximately 213.6 million new fully paid ordinary shares in Lake ("Placement Shares") to sophisticated institutional and professional investors, showing strong support for Lake's strategic partnership plans for its flagship Kachi project.

Both the Placement and the Share Purchase Plan are being issued at a price of A$0.07 per new fully paid ordinary share ("Offer Price"). The Offer Price represents a:

- 39.1% discount to the last closing price of $0.115 per share as at 7 March 2024; and

- 42.3% discount to the 5 day VWAP1 of $0.121 per share as at 7 March 2024.

Share Purchase Plan

The Share Purchase Plan is offered to Eligible Shareholders who were registered as a holder of existing shares on the Record Date. Lake intends to raise up to A$5 million under the Share Purchase Plan and retains discretion over the allocation of shares per investor. Eligible Shareholders are offered the opportunity to subscribe for a maximum of A$30,000 worth of SPP Shares at the Offer Price.

Terms and conditions of the Share Purchase Plan are set out in the Share Purchase Plan offer booklet made available today to Eligible Shareholders in relation to the Share Purchase Plan ("Offer Booklet"). Lake will not be printing and dispatching hard copies of the Offer Booklet or application forms. Instead, a letter with instructions ("Access Letter") for accessing an electronic copy of the Offer Booklet and your personalised application form ("Application Form") is available and accessible via the Automic Investor Portal at the following link:
https://investor.automic.com.au

The Access Letter, Application Form and Offer Booklet will contain instructions on how to make payment and participate in the Share Purchase Plan. Eligible Shareholders are encouraged to read the Offer Booklet in full prior to making an application under the Share Purchase Plan.

Canaccord Genuity (Australia) Limited and Barrenjoey Markets Pty Limited are acting as joint lead managers to the Share Purchase Plan.

*To view the full Announcement, please visit:
https://abnnewswire.net/lnk/2IIPW430


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