Funding Facility Extension and Cleansing Notice
The second tranche of this facility, an additional $1.5 million (Second Investment Amount), has been provided to Lake under the terms of the facility with the continued support of the current provider, SBI Investments (PR), LLC, who has subscribed for convertible notes in the Company. Amvest Capital Inc (through Mann Mann Jensen Partners LP) acted as North American placement agent.
Funds are being used to fast track the direct extraction pilot plant test work and commissioning, firstly in California, before the first modules depart for the company's 100%-owned Kachi Project in Argentina, as well as for PFS support and general working capital purposes. As the securities will only be issued to a professional investor, the Company does not intend to issue a prospectus or other disclosure document in relation to the Notes. The Company will utilise its available capacity to issue equity securities under ASX Listing Rule 7.1 for the issue of the Securities.
Lake's Managing Director, Steve Promnitz said: "Construction of the pilot plant to test direct extraction of lithium brines from the Kachi brine project in Argentina is well advanced. Our plan is to firstly test larger volumes of brines sourced from the Kachi project at Lilac's facilities in California before we re-locate the first modules to site in Argentina. We anticipate a steady stream of news as we advance the pilot test program, and we are still on track for the first modules to be on site early next calendar year.
For more information, please visit:
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