Brisbane, Australia – Clean lithium developer Lake Resources NL announced today it has received commitments for A$20.6 million to issue approximately 125 million new ordinary shares at an offer price of $0.165 per share to institutional investors. Every two new offer shares will have one attached option with an exercise price of A$0.30 with a two year expiry, subject to shareholder approval . Settlement is …

Brisbane, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) announced today it has received commitments for A$20.6 million (before costs) to issue approximately 125 million new ordinary shares at an offer price of $0.165 per share to institutional investors. Every two new offer shares will have one attached option (approximately 62.5 million options) with an exercise price of A$0.30 with a two year expiry, subject to shareholder approval (“Placement”).

Settlement is anticipated to be Wednesday, 27 January 2021. The Placement was priced at 6% discount to the 5 day VWAP and a 12% premium to 10 day VWAP (Volume Weighted Average Price)

The Company intends to use the net proceeds from the Placement as follows:

– operate the lithium chloride direct extraction Pilot plant in California;

– commission the Demonstration Plant on site at Kachi to produce larger samples for off-takers;

– complete the Definitive Feasibility Study (DFS) at Kachi;

– complete the Environmental and Social Impact Study (ESIA) at the Kachi Project;

– exploration and evaluation studies across all projects and working capital.

Roth Capital Partners, LLC (Roth) acted as sole placement agent.

Lake Resources Chairman Stu Crow commented: “This is a transformational moment for Lake and its shareholders. We are excited to secure this support from North American, European and Australian institutional investors at this defining moment of the company’s development. Roth Capital has introduced a number of new investors to Lake who follow the rapidly growing clean tech battery materials sector and will broaden our exposure to international financial markets. We welcome Roth Capital to our team. ”

Lake Resources Managing Director, Steve Promnitz, said: “Securing these funds delivers certainty to deliver the flagship Kachi project through the Definitive Feasibility Study amid the rapid growth of the clean energy sector.

This transaction places the company in its strongest financial position ever. Lake will hold in excess of A$25 million following this placement and anticipates a further $6m to be added by July as existing options convert.”

Lake Resources NL is a clean lithium developer utilising direct extraction technology for the production of sustainable, high purity lithium from its flagship Kachi Project within the Lithium Triangle. This direct extraction method delivers a solution for two rising demands of electric vehicle batteries – high purity battery materials to avoid performance issues, and sustainable, responsibly sourced materials.

This transaction follows Lake’s announcement that it had secured approval for real-time electronic clearing and settlement in the United States for its OTCQB-listed shares, LLKKF (refer ASX announcement 20 January 2021).

About Roth Capital Partners

Roth Capital Partners, LLC (Roth), is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, Roth provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, CA, Roth is privately-held and employee owned, and maintains offices throughout the U.S. For more information on Roth, please visit www.roth.com.

About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost.

This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.

Source:
Lake Resources NL

News Provided by ABN Newswire via QuoteMedia

LLKKF

Lake Resources NL Webinar Presentation

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) invites investors to join Lake’s Managing Director, Steve Promnitz and Chairman Stu Crow, together with David Snydacker, CEO of Lilac Solutions Inc., at an investor webinar hosted by Red Cloud Securities Inc. to discuss the companies’ clean lithium technology development.

Please register for the webinar via:
https://www.redcloudfs.com/rcwebinar-lke-2/

For investors who cannot attend the live event, a recording will be automatically sent to all who register via the link above, with a link also to be made available via Lake’s website.

Lake Resources NL and Lilac Solutions, Inc. announced today that after extensive successful testwork, they have entered into a partnership for technology and funding to develop Lake’s Kachi Lithium Brine Project (Kachi) in Argentina. Under the terms of the partnership earn-in, Lilac is able to achieve an equity stake in the Kachi project with certain corresponding project funding obligations, while providing its leading technology to advance the project (see ASX release 22 Sept 2021).

To view the Webinar Presentation, please visit:
https://www.abnnewswire.net/lnk/6Y636L22

About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost.

This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.

Source:
Lake Resources NL

Contact:
Steve Promnitz
Managing Director
+61 2 9188 7864
steve@lakeresources.com.au

Anthony Fensom
Republic PR
+61 (0) 407 112 623
anthony@republicpr.com.au

Henry Jordan
Six Degrees Investor Relations
+61 (0) 431 271 538

News Provided by ABN Newswire via QuoteMedia

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