Lake Resources NL (ASX:LKE) issued the final tranche of shares to be issued by the Company under its private placement.
Lithium explorer and developer Lake Resources NL (ASX:LKE) (Company) has today 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). The attached Appendix 2A is issued in respect of this final tranche of Placement 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. This announcement has been authorized for release to the ASX by Garry Gill, Joint Company Secretary.