Lake Resources presents an update to its Placement and Share Purchase Plan
- Lake issued placement shares last week. Any delayed settlement has been discussed to be considered in allocations under the Shortfall Placement.
- The Share Purchase Plan (SPP) is progressing with funds already arriving for subscriptions.
- The cash portion of the Convertible Securities facility is currently being paid out from cash and debt facilities available.
Lithium explorer and developer Lake Resources NL (ASX:LKE) announced on 14 February 2020 that the Company had issued 36,521,850 shares at an issue price of $0.04 per share to raise approximately A$1.47 million before costs, in a private placement (Placement) to sophisticated and professional investors. The Company had indicated that it had intended to issue the balance of the Placement shares which would have raised a further amount of approximately $500,000 this week (which would have brought the total Placement raised to approximately $1.97 million). These Placement funds may separately be considered in allocations in shortfall shares after the close of the SPP. The company is also in negotiations with other sophisticated and professional investors to fill any shortfall under the SPP which may raise up to $1.5 million. The Company will be preparing a supplementary prospectus which will address these matters.