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Lake Resources NL extends proposed capital raising timeline, prospectus to follow to permit free trading of shares.
Lithium explorer and developer Lake Resources NL (ASX:LKE) announces that the timeframe for the proposed capital raising (private placement) has been extended. Lake Resources is in the process of finalising commitments from investors for the proposed placement under the new timeframe and seeking to finalise arrangements with the convertible securities holder. The Company anticipates updating the market with secured commitments and have the voluntary suspension lifted on or about 10 February 2020. A short form cleansing prospectus is required and will be lodged at the same time to permit the free trading of shares issued in connection with the proposed capital raising.
The shares of Lake Resources will remain in voluntary suspension from trading until such time as the Company is able to lodge a cleansing prospectus and provide a further update to the market regarding the capital raising, which is anticipated to be by 10 February 2020.
The Company remains committed to negotiating an early close out of the convertible securities facility with SBI Investments (PR), LLC (SBI) through a combination of both cash and the issue of shares, which will likely include an additional equity-based fee in consideration for the termination of the facility (see announcement 20 January 2020). The Company will provide an update in respect of the proposed early close out in due course.
A Share Purchase Plan (SPP) is also being formulated to provide existing shareholders an equal opportunity to invest alongside sophisticated and professional investors on similar terms as the placement. Further details in this regard will be announced in due course.
To read the rest of the Lake Resources Press Release, click here.