Lake Trading Resumes as Court Orders Granted
Sydney, Mar 1, 2022 AEST (ABN Newswire) - Clean lithium developer Lake Resources NL (ASX:LKE) (LK1:FRA) (LLKKF:OTCMKTS) advises that further to its announcements of 24 and 28 February 2022, Lake's application to the Federal Court (Court) to rectify an administrative oversight relating to the delayed lodgment of cleansing notices when issuing shares on 17 September, 14 October, 18 October and 21 October 2021 (Issue Dates) was heard yesterday and the Court has granted the relief sought.
On 22 February 2022, Lake announced that it had sought a trading halt pending further steps being taken regarding rectification of a technical compliance issue. As detailed in Lake's request for a trading halt on 22 February and announcement on 24 February 2022, this related to Lake's inadvertent failure to lodge cleansing notices under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) within the prescribed 5 business day period after the issue of shares on the Issue Dates.
The trading halt was granted and on 24 February 2022, Lake requested a voluntary suspension of its securities pending an application to the Court regarding rectification of this technical compliance issue being heard and determined.
Lake filed its application for relief under section 1322(4)(a), (c) and (d) of the Corporations Act on Saturday, 26 February 2022 (Application).
The Application was heard yesterday, and the Court granted the relief sought. A copy of the orders that were granted accompany this announcement (Orders).
Lake has requested that the voluntary suspension of trading in the Company's securities be lifted by ASX immediately following the release of this announcement.
About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world's lithium is produced at the lowest cost.
This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.
Lake Resources NL