Lake Resources NL Stock Market Press Releases and Company Profile

View in Other Languages Lake Resources NL (ASX:LKE)完成配股,考虑扩大股票认购计划 Lake Resources NL (ASX:LKE) Placement Completed and SPP Uplift Under Consideration 
Placement Completed and SPP Uplift Under Consideration
Placement Completed and SPP Uplift Under Consideration

Brisbane, Feb 27, 2020 AEST (ABN Newswire) - Lithium explorer and developer Lake Resources NL (googlechartASX:LKE) (googlechartLK1:FRA) announced today a further boost for its growth plans, following strong investor support that will facilitate the development of sustainable and scalable direct extraction technology at its flagship Kachi Lithium Brine Project.

The technology developed by Lake's partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.

Under a placement to sophisticated and professional investors, Lake has now secured a total of approximately $3.37 million before costs, while the Share Purchase Plan announced on 10 February 2020 has been oversubscribed having secured some $2.1 million. Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the Company's development plans.

Placement

Lake has completed its upsized private placement, with $1.915 million received before costs and the issue of 47,875,000 million shares, at an offer price of $0.04 per share, to sophisticated and professional investors. This brings the total amount raised under the placement to an amount of approximately $3.37 million. The Company is preparing a supplementary prospectus which will address these matters which is anticipated to be lodged on or around 28 February 2020.

Share Purchase Plan (SPP) Update

The SPP and Shortfall Offer, to raise up to $1.5 million before costs, has been oversubscribed following strong support. The Company is currently considering upsizing the SPP Offer and Shortfall Offer and an announcement will be made shortly concerning a Supplementary Prospectus.

The SPP closes this Friday, 28 February 2020 (Closing Date). Applications and funds must be received by the Company by the Closing Date.


About Lake Resources NL

Lake ResourcesLake 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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Contact

Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au



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