Placement Upsized by $1.9M to $3.4M Following Strong Demand

• Lake upsizes private placement by a further $1.9 million before costs to sophisticated and professional investors, as investors show support for Company’s development plans and partner Lilac’s technology backed by Bill Gates-led fund.
• Share Purchase Plan (SPP) still has capacity available and remains open until Friday 28 February; participants to be scaled back on pro-rata basis in event SPP is oversubscribed.
• Production of significant lithium carbonate samples by Lilac Solutions ion exchange pilot plant for potential offtake partners in Lake’s and Lilac’s immediate focus, as Lake advances development of scalable and sustainable lithium extraction
• A video interview for investors with MD Steve Promnitz is available for access at:
  • https://www.youtube.com/watch?v=ulfhfAvA5kE&feature=youtu.be

Placement Extended

In a sign of renewed investor confidence, lithium explorer and developer Lake Resources NL (ASX:LKE) announces today it has extended and upsized its private placement, with commitments received to raise a further $1.9 million before costs, which will result in the issue of approximately 47.5 million shares, at an offer price of $0.4 per share, to sophisticated and professional investors. Settlement is anticipated to be Wednesday, 26 February 2020. This will bring the total amount raised under the new placement shares in total (refer to announcements of 14 and 20 February 2020 for information on prior placement share issues). The Company is preparing a supplementary prospectus which will address these matters which is anticipated to be lodged on or around 26 February 2020.

Read the full press release here.