Lithium developer Lake Resources (ASX: LKE) has announced the appointment of experienced energy and natural resources lawyer Amalia Sáenz as a non-executive director to support the company’s development in Argentina.
The Buenos Aires-based Ms Sáenz will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production from its flagship Kachi project.
Ms Sáenz is a partner and leads the energy and natural resources practice at the law firm Zang, Bergel & Vines and is a leading member of the Association of International Petroleum Negotiators.
She brings to the role extensive experience in energy and resources, including merger and acquisitions, financing, joint venture and operating agreements in Argentina, and has also worked in Central Asia and the United Kingdom.
“Amalia brings valuable in-country resources experience together with an added level of governance and diversity to the board,” Lake chairman Stu Crow said.
He believes Ms Sáenz will make a key addition to the board as the company expands, saying she will provide a “valuable breadth of legal and commercial experience in development and operations of energy and resource companies in Argentina”.
Issue of bonus options
In a separate announcement, Lake said it intends to undertake a bonus issue of options to all shareholders with an eligible Australian or New Zealand address at 5pm Sydney time on 10 August.
The bonus options will be issued for nil consideration at a ratio of one free bonus option for every 10 shares held at the time of issue.
The options will have an exercise price of $0.35 each and expire on 15 October 2021. Each option exercised will result in the allotment and issue of one fully paid ordinary share in Lake, as well as the issue of a second, additional option.
These additional options will have an exercise price of $0.75 each, expire on 15 June 2022 and if exercised, will result in the issue of one fully paid ordinary Lake share.
Lake said it intends to seek approval to list and trade the additional options on the ASX.
Managing director Steve Promnitz said the offer is intended to thank supportive shareholders as the company 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,” he said.