Half Yearly Report and Accounts
Brisbane, Mar 16, 2017 AEST (ABN Newswire) - The directors present their report, together with the financial statements, on the consolidated entity (
ASX:LKE) (referred to hereafter as the 'consolidated entity') consisting of Lake Resources NL (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2016.
PRINCIPAL ACTIVITIES
The principal activities of the entities within Lake Resources NL (Lake) are:
- Exploration and development of lithium brine projects and lithium hard rock projects
- Exploration for minerals.
During the year ended 31 December 2016, Lake completed the acquisition of unlisted company LithNRG Pty Ltd, that controls two Argentine subsidiaries with lithium brine projects in Argentina.
Corporate
The Company announced in 25 May 2016 an agreement to acquire the unlisted company LithNRG Pty Ltd, with exciting lithium brine projects in three large packages of tenement applications (over 90,000 Ha) around salt lakes in North West Argentina. The property portfolio has been established over a ten month period, mostly prior to the recent 'rush' by majors into Argentina due to its proven prospectivity and recently improved foreign investment climate.
On 4 October 2016, the shareholders approved the acquisition of Lith NRG Pty Ltd for the staged issue of shares and options under the terms detailed in the Notice of Annual General Meeting and Explanatory Statement released on 1 September 2016. The transaction was completed on 14 November 2016 after subsequent final due diligence and documentation was completed and finalised.
Lake controls 100% the subsidiary LithNRG Pty Ltd with its Argentine subsidiaries, Minerales Australes SA and Morena del Valle Minerals SA.
To view the full report, please visit:
http://abnnewswire.net/lnk/JKHMEG6C
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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