Placement completed in boost for technology backed by Bill Gates-Led fund
- Share Purchase Plan (SPP) oversubscribed following strong investor demand, with Lake considering upsizing the offer to accommodate shareholders. SPP remains open until Friday, 28 February 2020.
- Private placement completed, securing further $1.9 million before costs in boost for development of direct extraction technology backed by Bill Gates-led fund.
Lithium explorer and developer Lake Resources NL (ASX:LKE) announced today a further boost for its growth plans, following strong investor support that will facilitate the development of sustainable and scalable direct extraction technology at its flagship Kachi Lithium Brine Project.
The technology developed by Lake’s partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.
Under a placement to sophisticated and professional investors, Lake has now secured a total of approximately $3.37 million before costs, while the Share Purchase Plan announced on 10 February 2020 has been oversubscribed having secured some $2.1 million. Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the Company’s development plans.