PERTH (miningweekly.com) – Lithium explorer Lake Resources has raised A$4.5-million in an oversubscribed share placement.
The ASX-listed junior will issue more than 33.3-million shares, at 13.5c each, along with a one-for-two attaching option, exercisable at 20c each to sophisticated and professional investors.
Lake Resources said on Thursday that the intention was to raise A$4-million, but that it had upsized the offer, owing to significant demand from current shareholders.
The funds would be used to further explore the Olaroz, Cauchari and Paso lithium brine projects, as well as for ongoing drilling and initial scoping studies at the Kachi lithium brine project. All these projects are located in Argentina.
“Lake is grateful for the overwhelming interest to support exploration over the Olaroz and Cauchari areas as they are immediately adjacent to high-grade lithium production or drill holes with high grades and flow rates.”