Lake Resources NL (ASX:LKE) Placement and SPP Update

Lithium explorer and developer Lake Resources NL (ASX:LKE) (FRA:LK1) announced on 14 February 2020 that the Company had issued 36,521,850 shares at an issue price of $0.04 per share to raise approximately A$1.47 million before costs, in a private placement (Placement) to sophisticated and professional investors.

The Company had indicated that it had intended to issue the balance of the Placement shares which would have raised a further amount of approximately $500,000 this week (which would have brought the total Placement raised to approximately $1.97 million). These Placement funds may separately be considered in allocations in shortfall shares after the close of the SPP. The company is also in negotiations with other sophisticated and professional investors to fill any shortfall under the SPP which may raise up to $1.5 million. The Company will be preparing a supplementary prospectus which will address these matters.

Share Purchase Plan

The Share Purchase Plan (SPP) Offer is progressing with funds already arriving for individual subscriptions to Eligible Shareholders for up to $30,000 worth of new Shares at an issue price of $0.04 per Share up until the SPP Offer closes on 28 February 2020. The issue price of $0.04 per Share is the same as the private placement, at a 15.8% discount to the 20-trading day VWAP ($0.047) prior to the date of announcing the capital raising program. Please see the relevant documentation under a Prospectus lodged on 10 February 2020 and available on the Company's website www.lakeresources.com.au Convertible Securities Closeout The Cash Portion for the early termination of the Convertible Securities Agreement is currently being paid out from available cash and debt facilities available. Shares as part of the Termination Deed have been issued as set out in the Prospectus.

Corporate Activity in the Area of Lake's Leases

An announcement was made yesterday by Orocobre (ORE) announcing the acquisition of Advantage Lithium which holds leases adjoining Lake Resources leases at Cauchari in Argentina.

Lake looks forward to reporting on progress through to first large samples being produced late next month.

To view the release, please visit:
https://abnnewswire.net/lnk/7B6JEC8B

Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au