Further Backing For Kachi Lithium Development
Clean lithium developer Lake Resources NL (ASX:LKE) has received a commercial commitment for a capital raising to help fund its promising Lake’s Kachi Lithium Brine Project in Argentina.
The company has utilised its Controlled Placement Agreement (CPA) with Acuity Capital to raise A$900,000 (inclusive of costs) by agreeing to issue 15 million LKE shares to Acuity Capital at an issue price of $0.06.
The issue price of A$0.06 is marginally above the 15 trading day VWAP of A$0.0593 to 21 September 2020 (inclusive).
The funds raised will be used, together with other funds on hand, towards accelerating the Definitive Feasibility Study (DFS) for the development of Lake’s Kachi Lithium Brine Project, general exploration and working capital.
This latest funding boost follows a successful capital raising of A$2.55 million in August via a share placement taken up by sophisticated and professional investors.
Lake Resources NL 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.
