Editor's PickMarket News

Lake Resources enhances board by adding Argentina-based director to support development

Lake Resources NL (ASX:LKE, OTCQB:LLKKF) has strengthened its board by appointing Argentina-based experienced energy and natural resources lawyer Sra Amalia Sáenz as a non-executive director. The appointment of Sra Amalia, who is based in Buenos Aires, will assist the company and its local team in Argentina in engaging local stakeholders and preparing them for the development of clean lithium production in Argentina. It comes as Lake is progressively expanding its team to support the development of the Kachi Lithium Project into production, amid accelerating demand for battery-quality lithium. “Valuable in-country experience” Lake’s chairman Stu Crow said: “Amalia brings valuable in-country resources experience together with an added level of governance and diversity to the board. “She is a key addition to the board as the company expands and to assist in enhancing our engagement with key stakeholders in Argentina. “Amalia will provide a valuable breadth of legal and commercial experience in the development and operations of energy and resource companies in Argentina.” Experience and expertise Sra Sáenz is a partner at law firm Zang, Bergel & Viñes in Buenos Aires, where she leads the energy and natural resources practice. A leading member of the Association of International Petroleum (NSX:IOP) Negotiators, Sra Sáenz has extensive experience in energy and resources, including merger and acquisition, financing, joint venture and operating agreements in Argentina. She has also worked in Central Asia and the United Kingdom, gaining experience in exploration and production development across international borders and cultures. Bonus options for shareholders The company also plans to make a bonus options issue to all shareholders with an address in Australia or New Zealand on the record date. As the bonus options will be issued for nil consideration, the company is raising no capital from their issue. Thanking shareholders Lake’s managing director Steve Promnitz said: “The intent of the offer is to thank supportive shareholders as Lake enters a major development phase through financing, construction and into production. “Shareholders appreciated the benefits from a similar bonus option offer in 2019 and the company seeks to repeat that success.” Options details The company will issue one free bonus option to eligible shareholders for every 10 shares held on the record date of August 10, 2021. The bonus options will have an exercise price of $0.35 each, expiring on October 15, 2021, and, if exercised, each will result in the allotment and issue of one fully paid ordinary share in Lake. Each bonus option, when exercised, will result in the issue of a second option. The additional options will have an exercise price of $0.75 each, expiring on June 15, 2022, and if exercised will result in the allotment and issue of one fully paid ordinary share in the company. Lake intends to seek approval to list and trade the additional options on ASX.