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Lake Resources completes first placement tranche

Lake is focused on developing its three 100% owned lithium brine projects and hard rock project in Argentina with a focus on the Kachi Brine Project.

Lake Resources NL - Lake Resources completes first placement tranche
Battery grade lithium carbonate has been produced from Kachi brine samples with very low impurities

Lake Resources NL (ASX:LKE) has issued 36.5 million shares priced at 4 cents representing tranche one of the two-tranche placement that secured $1.96 million in funding.

The second 12.5-million share tranche is expected to be issued this week.

Furthermore, the company notes that it has received considerable interest for the share purchase plan (SPP) underway, which closes on 28 February 2020.

Eligible shareholders are able to subscribe for up to $30,000 of additional shares priced at 4 cents under the SPP.

Proceeds to pay off debt and Kachi development work

Funds raised through the placement and the SPP will be used by Lake to make part of the cash payment required for the early close-out of the convertible securities facility.

In addition, funds will be used to:

  • Produce further high purity samples from the pilot plant for downstream participants to conduct qualification testing using the Lilac direct extraction process;
  • The development, construction, transport and operation of the direct extraction pilot plant;
  • The optimisation of the pre-feasibility study (PFS); and
  • General exploration, paying offer costs and working capital.

Quick facts: Lake Resources NL

Price: 0.033 AUD

ASX:LKE
Market: ASX
Market Cap: $20.87 m
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Lake Resources Ltd’s (ASX:LKE) is buoyed by the news that its partner and provider of a sustainable direct extraction ion exchange process for lithium brine, Lilac Solutions, has secured US$20 million through Bill Gates-led fund Breakthrough Energy. LKE's managing director Steve Promnitz told...

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