Lakes Blue Energy raises A$8.7m and refreshes board

• Lakes Blue Energy NL (ASX:LKO) will raise about A$8.7 million via a A$4.0 million placement and a partially underwritten A$4.7 million non‑renounceable entitlement offer.
• New shares are priced at A$0.30 with one free unlisted option attached per share, exercisable at A$0.36 and expiring five years after issue.
• Lakes Blue Energy (ASX:LKO) said funds will advance perforation, stimulation and flow testing at the Wombat Project, alongside a board change as Boyd White departs and Hugh Walter Robertson joins as non‑executive director.

Lakes Blue Energy (ASX:LKO) announced a capital raising of approximately A$8.7 million at A$0.30 per new share, combining a A$4.0 million placement with a partially underwritten 1‑for‑4.7 non‑renounceable entitlement offer to raise A$4.7 million.

The company said the placement includes A$3.3 million in Tranche 1 within existing placement capacity and A$0.7 million in Tranche 2 to be issued to institutional, sophisticated investors and participating directors, subject to shareholder approval at a general meeting.

“Funds from the placement and entitlement offer will be used to further advance the Wombat Project, including perforation, stimulation and flow testing to target near‑term cash flow opportunities,” said Lakes Blue Energy NL Executive Director and CEO Richard Ash.

The entitlement offer will open on Friday 7 August 2026 and close at 5:00pm AEST on Tuesday 18 August 2026, is partially underwritten up to the first A$2.7 million subscribed, and will only be available to eligible shareholders with registered addresses in Australia or New Zealand.

Participants in the placement and entitlement offer will receive one free attaching unlisted option for every new share, with each option carrying a A$0.36 exercise price and a five‑year term, and the issuance of placement options will require shareholder approval while entitlement offer options will not.

Lakes also reported a board change, with Boyd White resigning to pursue interests in the green energy sector and Morgans Financial senior investment adviser Hugh Walter Robertson appointed as a non‑executive director, bringing more than 40 years’ stockbroking experience and multiple board roles.