Lake Resources (ASX:LKE) is raising AU$3.8 million through the issuance of 63.5 million ordinary shares to Acuity Capital at a price of AU$0.06 per share, according to a Monday filing with the Australian bourse.
The company said it will issue the shares under its at-the-market subscription agreement with Acuity.
Payment of the funds is expected on Monday, and the proceeds will be used for operating and general corporate expenditures to progress activities related to the company's Kachi project in Argentina, per the filing.
Lake Resources shares gained 5% in recent Monday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments