Lake Resources NL (ASX:LKE) received a further boost for its growth plans with strong investor demand for its share purchase plan (SPP) and placement.
The companys $1.5 million SPP has been oversubscribed having secured some $2.1 million while a private placement to sophisticated and professional investors has raised a total of about $3.37.
Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the companys development plans.
The strong investor support will facilitate the development of sustainable and scalable direct extraction technology at Lakes flagship Kachi Lithium Brine Project in Argentina.
The technology developed by Lakes partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.
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Lake managing director Steve Promnitz said: “The strong investor support is extremely encouraging, particularly amid current market conditions, and I would like to sincerely thank both our new and existing investors for your commitment.
“Lake has some huge milestones Read More – Source
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