Lake Resources secures further funds to accelerate 'clean' lithium strategy
2020-09-22 13:44:51 [Print]
Australia's Lake Resources NL has received further validation of its strategy to produce 'clean' lithium from Kachi Lithium Brine Project in Argentina by securing more funds to accelerate a definitive feasibility study (DFS) as well as for general exploration and working capital.
The company has utilized its Controlled Placement Agreement (CPA) with Acuity Capital to raise $900,000 (inclusive of costs) by agreeing to issue 15 million shares to Acuity Capital at an issue price of 6 cents per share.
Last month the company closed an oversubscribed private placement which raised $2.55 million. Funds will help complete production of larger, high purity lithium carbonate samples for downstream off-takers and testing of lithium chloride product from the pilot plant of technology partner Lilac Solutions.
Funds raised via the CPA will progress the DFS for the Kachi project which is focused on utilizing clean, direct extraction technology for the development of sustainable, high purity lithium.
This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost-competitive supplier of high-purity lithium, which is readily scalable, and in-demand from Tier-1 electric vehicle makers and battery makers. The technique, based on a well-used ion exchange water treatment method, has been tested for more than 18 months in partnership with Lilac Solutions.
A pilot plant module operating on Kachi brines has shown 80-90% recoveries and battery-quality lithium carbonate (99.9% purity) has been produced from Kachi brine samples with very low impurities.
The company has utilized its Controlled Placement Agreement (CPA) with Acuity Capital to raise $900,000 (inclusive of costs) by agreeing to issue 15 million shares to Acuity Capital at an issue price of 6 cents per share.
Last month the company closed an oversubscribed private placement which raised $2.55 million. Funds will help complete production of larger, high purity lithium carbonate samples for downstream off-takers and testing of lithium chloride product from the pilot plant of technology partner Lilac Solutions.
Funds raised via the CPA will progress the DFS for the Kachi project which is focused on utilizing clean, direct extraction technology for the development of sustainable, high purity lithium.
This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost-competitive supplier of high-purity lithium, which is readily scalable, and in-demand from Tier-1 electric vehicle makers and battery makers. The technique, based on a well-used ion exchange water treatment method, has been tested for more than 18 months in partnership with Lilac Solutions.
A pilot plant module operating on Kachi brines has shown 80-90% recoveries and battery-quality lithium carbonate (99.9% purity) has been produced from Kachi brine samples with very low impurities.
Lithium Carbonate 99.5%min Delivered EU
Unit:USD/kg
China lithium carbonate 99.5%mi producers' operating rate statistics by province by month
Unit: %
