viewLake Resources NL

Lake Resources secures further funds to accelerate 'clean' lithium strategy

The company has utilised its Controlled Placement Agreement with Acuity Capital to raise another $900,000 for the Kachi Lithium Brine Project DFS and general exploration.

Lake Resources NL - Lake Resources secures further funds to accelerate the Kachi Lithium Project DFS
The company is focused on utilising clean, direct extraction technology to produce lithium

Lake Resources NL (ASX:LKE) has received further validation of its strategy to produce 'clean' lithium from Kachi Lithium Brine Project in Argentina by securing more funds to accelerate a definitive feasibility study (DFS) as well as for general exploration and working capital.

The company has utilised its Controlled Placement Agreement (CPA) with Acuity Capital to raise $900,000 (inclusive of costs) by agreeing to issue 15 million shares to Acuity Capital at an issue price of 6 cents per share.

The new LKE shares will be issued out of the company’s current LR7.1A capacity.

Private placement

Last month the company closed an oversubscribed private placement which raised $2.55 million.

Around 85.7 million shares will be issued at an offer price of 3 cents per share to sophisticated and professional investors.

Viriathus Capital acted as sole lead manager and worked with Fresh Equities who assisted with partially underwritten cornerstone support to $1.25 million.

Funds will help complete production of larger, high purity lithium carbonate samples for downstream off-takers and testing of lithium chloride product from the pilot plant of technology partner Lilac Solutions.

Funding clean technology

Funds raised via the CPA will progress the DFS for the Kachi project which is focused on utilising clean, direct extraction technology for the development of sustainable, high purity lithium.

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.

The technique, based on a well-used ion exchange water treatment method, has been tested for more than 18 months in partnership with Lilac Solutions.

A pilot plant module operating on Kachi brines has shown 80-90% recoveries and battery-quality lithium carbonate (99.9% purity) has been produced from Kachi brine samples with very low impurities.

Sustainable extraction

Proactive’s mining analyst Dr Ryan D Long explains how Lake is using disruptive technology to sustainably extract lithium from brines to produce high-purity and high-value lithium products at low cost.

Quick facts: Lake Resources NL

Price: 0.065 AUD

Market: ASX
Market Cap: $51.49 m

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Lake Resources welcomes test results confirming it can produce very high...

Lake Resources NL's (ASX:LKE) (OTCMKTS:LLKKF) Steve Promnitz caught up with Proactive's Andrew Scott after testing confirmed that very high purity 99.97% battery-quality lithium carbonate with low impurities can be produced from its Kachi brines. Hazen Research Inc produced the results using...

1 day, 13 hours ago

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