Lake Resources (ASX:LKE) agreed to issue 26.5 million ordinary shares to Acuity Capital for AU$0.0415 per share to raise AU$1.1 million, inclusive of costs, according to a Wednesday filing with the Australian bourse.
The company is using its at-the-market subscription agreement with Acuity to raise the funds, which will be used for operating and general corporate expenditures to advance activities related to Lake's Kachi project in Argentina.
The payment of the funds is expected on Wednesday.
Lake Resources shares fell 12% in recent Wednesday trade.
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