Lake Resources (ASX:LKE) has raised $2.1 million through its at-the-market (ATM) subscription agreement with Acuity Capital, issuing 65 million shares at a price of 3.23¢ each. Lake Resources is a lithium exploration company focused on developing clean lithium using direct extraction technology. The company’s primary asset is the Kachi Lithium Brine Project in Argentina.
The funds are earmarked to support the ongoing strategic review of Lake’s flagship Kachi lithium project in Argentina and to provide additional working capital. The issue price reflects a 2.1 per cent discount compared to the company’s 15-day volume-weighted average price, demonstrating a minor adjustment to market valuations.
In addition to the capital raise, Lake Resources has extended the term of its ATM facility with Acuity Capital by five years, now expiring in January 2031. The agreement also sees an increase in Acuity Capital’s collateral shares to 90 million. Since its establishment, the ATM facility has provided Lake with over $50 million in capital. A further $199 million remains available under the standby equity arrangement.
Lake Resources maintains full control over when and if it utilises the facility. The company also retains the option to cancel the agreement or repurchase the collateral shares without incurring any associated costs.
