Highlights
- Strong support received from offshore and domestic institutional and sophisticated investors leading to introduction of new high-quality investors to Lake's register
- In addition to the Placement, Lake will offer all eligible shareholders the opportunity to participate in a SPP to raise up to approximately
- Funds will be used for working capital to extend runway, in addition to the recently announced cost saving measures, until the completion of the strategic partnership process
- Upon settlement of the Placement, Lake will have a strong pro-forma
In addition to the Placement, Lake will also be undertaking a Share Purchase Plan ("SPP") at the same price as the Placement, to raise up to
The Offer enhances Lake's balance sheet by providing additional working capital and financial flexibility during the strategic partnership selection process for Kachi. Lake is actively conducting outreach to a wide array of potential strategic partners including car and battery manufacturers, lithium producers, oil and gas companies, sovereign wealth funds and private equity. The strategic partnership process is scheduled to conclude in the second half of the year (2H CY24).
Commenting on the Offer, Lake's CEO,
Placement
Under the Placement, the Company will issue approx. 213.6 million fully paid ordinary shares in the Company, representing approximately 15% of issued capital, at
The issue price of
The New Shares will be issued under the Company's existing placement capacity under ASX Listing Rules 7.1. The Placement is not underwritten.
Share Purchase Plan
In addition to the Placement, the Company will offer all eligible existing shareholders with a registered address in
Lake intends to raise up to
The SPP is not underwritten. An SPP booklet containing further terms and conditions of the SPP is expected to be provided to Eligible Shareholders on the 18 th of March.
Lake intends to apply for a waiver under ASX Listing Rule 7.1 as a consequence of the issue price of shares under the SPP being less than 80% of the 5-day VWAP prior to the date of this announcement. If the ASX does not grant this waiver, the SPP will not be exempt from the Company's placement capacity calculation, and therefore the SPP may require shareholder approval at an EGM. If so, the indicative timetable below will be affected accordingly.
To view the Indicative Timetable, please visit:
https://abnnewswire.net/lnk/QQ3Q2A63
To view the Investor Presentation, please visit:
https://www.abnnewswire.net/lnk/2YU47J1E
About
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
Contact:
M: +61-407-904-874
E: Nigel.Kassulke@teneo.com
Global:
SVP, Investor Relations
karen.greene@lakeresources.com.au
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