The company’s $1.5 million SPP has been oversubscribed having secured some $2.1 million while a private placement to sophisticated and professional investors has raised a total of about $3.37.
Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the company’s development plans.
The strong investor support will facilitate the development of sustainable and scalable direct extraction technology at Lake’s flagship Kachi Lithium Brine Project in Argentina.
The technology developed by Lake’s partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.
Lake managing director Steve Promnitz said: “The strong investor support is extremely encouraging, particularly amid current market conditions, and I would like to sincerely thank both our new and existing investors for your commitment.
“Lake has some huge milestones ahead of us in 2020 and the increased funding will speed our development efforts as we work to unlock the value of the sustainable and scalable direct extraction process for lithium brine extraction.”
The SPP closes Friday, February 28 2020. Applications and funds must be received by the company by the closing date.
Lake is currently considering upsizing the SPP offer and an announcement will be made shortly concerning a supplementary prospectus.