viewLake Resources NL

Lake Resources upscales placement due to heavy demand

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 upscales placement due to heavy demand
Last week, Lake’s partner Lilac Solutions secured US$20 million from a Bill Gates-led fund

Lake Resources NL (ASX:LKE) has extended and upsized its private placement with commitments received to raise a further $1.9 million.

This will boost the total raised under the placement to $3.37 million with 84.02 shares to be issued priced at 4 cents each.

A supplementary prospectus is anticipated to be lodged on or around 26 February 2020 regarding the placement upsizing.

Additionally, the share purchase plan (SPP) to raise an additional $1.5 million closes this Friday 28 February 2020.

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.

Partner receives US$20 million from Bill Gates-led fund

In recent events, Lake’s partner and provider of a sustainable direct extraction ion exchange process for lithium brine, Lilac Solutions, secured US$20 million through Bill Gates-led fund Breakthrough Energy.

Proactive caught up with managing director Steve Promnitz for an update.

Quick facts: Lake Resources NL

Price: 0.055 AUD

Market: ASX
Market Cap: $43.57 m

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