- Lithium explorer and developer Lake Resources (LKE) will extend and upsize its private placement
- A further 47.5 million shares are now on offer, bringing the total shares available to over 84 million and raising nearly $3.4 million
- Eligible shareholders can also subscribe for up to $30,000 in shares under the share purchase plan
- These can be bought at the same price as the private placement for 4 cents per share
- The offer already has strong support on the back of last week’s announcement, where Lake’s tech partner Lilac Solutions received US$20 million in funding from investors like Bill Gates and Jeff Bezos
- Lake Resources is down 4.08 per cent today, with shares trading at 4.7 cents apiece
In a sign of renewed investor confidence, lithium explorer and developer Lake Resources (LKE) says it has extended and upsized its private placement, with commitments received to raise a further $1.9 million before costs.
The resulting issue of around 47.5 million shares at four cents apiece should settle on Wednesday 26 February.
This should raise around $3.37 million across the 84.02 million new placement shares issued.
Eligible shareholders can also subscribe for up to $30,000 worth of shares under the share purchase plan offer.
These will be sold at the same issue price as the private placement (at four cents per share), with the offer set to close on Friday 28 February.
LKE expects to raise up to $1.5 million before costs, with strong support received after Lake’s technology partner, Lilac Solutions, secured roughly US$20 million in funding last week.
The California-based partner received commitments from investors like Breakthrough Energy Ventures, which is backed by sustainability-focused investors such as Bill Gates, Jeff Bezos, Jack Ma and Michael Bloomberg.
The funding will support Lilac’s commercialisation of its new ion exchange technology for the direct extraction of lithium from brine resources. It’s considered significantly faster, cheaper and more scalable than current technology while offering a potentially sustainable solution for the lithium brine industry.
“We are delighted by the response from investors, particularly following the announcement that some of the best known successful investors of the global business community are backing our key technology partner, and that Lake’s Kachi project is the first brine project where this technology will be actively developed on site,” said Lake’s Managing Director Steve Promnitz.
Lake Resources is down 4.08 per cent as at 12:47AEST, shares trading at 4.7c apiece.