Final Tranche of Placement
Brisbane, Mar 13, 2020 AEST (ABN Newswire) - Lithium explorer and developer Lake Resources NL (
ASX:LKE) (LK1:FRA) has issued 7,000,000 shares at an issue price of $0.04, being the final tranche of shares to be issued by the Company under its private placement to sophisticated and professional investors (Placement). This brings the total amount raised under the Placement to $3,677,474 (being a total 91,396,850 shares).
As a result of the shortfall of $306,306 under the Placement, the Company's proposed use of funds in respect of the funds raised under the Placement and SPP Offer (as set out in the Company's Supplementary prospectus dated 28 February 2020) will be amended to reduce the Company's available working capital from $913,064 to $606,758 (assuming the SPP Offer is fully subscribed).
The Company reminds shareholders that the SPP Offer closes today, 13 March 2020 at 5pm AEDT.
About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
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