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Lake Resources in trading halt ahead of material capital raising news

Argentina’s three lithium provinces and new federal government continue to seek new export income sources, including the resources sector.

Lake Resources NL - Lake Resources NL in trading halt ahead of material capital raising
The company also continues to progress its Olaroz-Cauchari and Paso brine projects

Lake Resources NL (ASX:LKE) has been granted a trading halt by the ASX ahead of a material capital raising announcement.

The trading halt will remain in place until Wednesday, January 22, 2020, or when an announcement is released to the market, whichever occurs earliest.

Shares of the company, which has a market cap of approximately $24.9 million, last traded at 4.7 cents and are up from 2.3 cents on December 23.

Lake recently received a vote of confidence from authorities for lithium exploration and development in northern Argentina, including the company’s Kachi Lithium Brine Project in Catamarca Province.

Support for industry

During recent meetings, provincial governors and regulators have reaffirmed their support for the lithium industry in Argentina’s section of the Lithium Triangle.

Lake’s managing director Steve Promnitz said local governments were supportive of foreign investment in the sector.

He said: “We are pleased with the continued support of regulators and government in the provinces in which we operate in Argentina and it clearly demonstrates their commitment to supporting more foreign investment in the sector when local concerns are recognised.”

The Kachi project ranks amongst the world’s top 10 lithium brine resources with a maiden indicated and inferred resource estimate of 4.4 million tonnes of lithium carbonate equivalent (LCE).

Quick facts: Lake Resources NL

Price: 0.049 AUD

Market: ASX
Market Cap: $28.3 m

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