- Lake Resources (LKE) has raised $900,000 in funding by drawing upon a controlled placement agreement with Acuity Capital
- Under the agreement, Lake was granted capital in exchange for the issue of around 15 million shares
- The shares are priced at six cents each, which is a premium to the 15-day volume-weighted average price of 5.93 cents per share
- Lake plans to use the funds to accelerate the definitive feasibility study for its Kachi Lithium Brine Project
- It will also use the additional money for general exploration and working capital
- Shares in Lake Resources are currently trading for nine cents each
Lithium developer Lake Resources (LKE) has raised $900,000 in funding by drawing upon a controlled placement agreement with Acuity Capital.
Under the agreement, Lake will issue 15 million of its own shares to Acuity in return for the almost $1 million in funding.
The issued shares will be priced at six cents each, which is a premium to the 15-day volume-weighted average price of 5.93 cents per share on September 21.
Lake plans to use the raised capital, together with other funds on hand, to accelerate the definitive feasibility study for the development of its Kachi Lithium Brine Project.
The flagship project is located in Argentina, at the southern end of the Lithium Triangle, which is responsible for 40 per cent of global lithium production.
The company also said it would use some of the funding to cover general exploration costs and for working capital.
The 15 million new LKE shares are slated for issue on Friday, September 25.
Shares in Lake Resources are currently trading for 8.6 cents each, down 4.44 per cent at 10:56 am AEST.