Results of Share Purchase Plan
Sydney, April 23, 2024 AEST (ABN Newswire) - Lake Resources N.L. (
ASX:LKE) (LK1:FRA) (LLKKF:OTCMKTS) is pleased to announce the results of its Lake Share Purchase Plan ("SPP"), which was announced to the ASX on 12 March 2024. The SPP was open to eligible existing Lake shareholders with a registered address in Australia and New Zealand ("Eligible Shareholders") who were holders of Lake shares as at 7.00pm (AEDT) on 11 March 2024 ("Record Date") to apply for up to A$30,000 of new fully paid ordinary shares in Lake ("SPP Shares") without incurring brokerage or other transaction costs. Terms and conditions of the SPP were set out in the SPP offer booklet made available on 18 March 2024 to Eligible Shareholders in relation to the SPP ("Offer Booklet").
The SPP was undertaken on the same terms as Lake's successful completion of a A$15 million placement ("Placement") of approximately 213.6 million new fully paid ordinary shares in Lake ("Placement Shares") to sophisticated institutional and professional investors, showing strong support for Lake's strategic partnership plans for its flagship Kachi project. Both the Placement and the SPP are being issued at a price of A$0.07 per new fully paid ordinary share ("Offer Price").
The SPP closed on 18 April 2024, with the Company receiving valid applications for 21,549,799 SPP Shares, raising a total of A$1,508,500.00 (before costs).
A total of 269 Shareholders participated in the SPP. Lake confirms that all valid applications received from Eligible Shareholders under the SPP were accepted in full and that no scale back was undertaken.
Funds raised from the Placement and SPP, totalling approximately A$16.5 million, extend Lake's financial runway as it pursues a robust strategic partner process for its flagship Kachi project.
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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