Ann: Close-out of Convertible Securities Facility, page-18

An excerpt from an article today by:

10 FEBRUARY 2020
Resources Insider Issue 2
Robin Bromby


Argentine brine projects get a second wind. Even with Argentine’s presidential election result knocking investor sentiment, London-based resources consultants Hallgarten & Co are backing Australia’s Lake Resources (ASX:LKE) in the lithium stakes. Brines, as opposed to spodumenes, are seen by them as the safer and more reliable way to get into production. Plus, brine projects are less likely to have major capex blowouts. Hallgarten analyst Christopher Ecclestone, who in 1991 founded the Buenos Aires Trust Company in the Argentine capital and ran it for 10 years, notes that, when it came to lithium, “Chile managed to again shoot itself in the foot with a degree of self-confusion as to whether it actually wanted development of its lithium potential”. Now that has spurred interest across the border. “All of a sudden all the new projects are in Argentina and being backed by major players, irrespective of the political swings and roundabouts east of the Andes,” he writes. Ecclestone is focusing on Lake Resources, which has the largest lease holding in the country — close to 2,000 sq km of lithium brine projects and all 100% controlled. He narrows in on the 690 sq km Kachi project; in November 2018 Lake announced a maiden JORC at Kachi of 4.4 million tonnes on contained lithium carbonate (LCE), thus ranking the deposit as one of the world’s top 10 brine resources. Ecclestone notes that Lake has appointed the London-based firm SD Capital Solutions to raise debt funding up to US$25 million to cover the definitive feasibility study, permitting and lithium pre-production.
He hopes that US$25m will allow Lake to “break free”.

I like that last bit about “breaking free”!!!
Not too long wow hopefully.