Lake Resources signs deal with battery maker

0

r Lake Resources NL (ASX: LKE) today announced that it has agreed to a conditional drawdown with SK On, a Korean battery manufacturer.


Lake is focused on developing its flagship Kachi project in the province of Catamarca, Argentina. The company has three other projects covering 220,000 ha.


The terms of the agreement include the following:


  • A strategic investment of a 10% stake in Lake (VWAP 20 business days before 10/12/22)
  • Withdrawal of 50% of the lithium product from the Kachi project up to 25,000 dmt (LCE)
  • Initial term of five years plus option for additional five years
  • Drawdown priced according to an agreed market price formula based on the average quoted price during the quote period.






Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

Share.

Comments are closed.