Lepidico Ltd (ASX:LPD) ('Lepidico' or 'Company') is pleased to advise that the Renounceable Entitlements Offer announced on 20 April 2020 (the 'Offer') has been well supported by the Company's shareholders and new investors and closed oversubscribed.

The Offer has raised $3.6 million (before costs) and the Company will issue 514,852,045 new shares and 257,426,023 new options in accordance with the Offer timetable. The new options will be listed under the ASX code LPDOC. High demand from new investors resulted in subscriptions being scaled back, with the Company agreeing to place a further 37,215,428 fully paid ordinary shares at $0.007 with 18,607,714 attaching LPDOC options to raise an additional $260,508 ('Placement'). Shareholder approval is not required for the Placement, which will be made using the Company's existing capacity under Listing Rule 7.1. Funds from the Placement will be used to supplement working capital. The Company would like to thank all its shareholders for their ongoing support during these challenging times and welcomes new shareholders to the register. Mahe Capital advised the Company and acted as Lead Manager and Underwriter. Lepidico will use the net proceeds from the Offer to immediately commence Phase 1 Project product development, qualification and offtake initiatives, with lithium, caesium and rubidium being prioritised. Environmental and Social Impact Assessment works will also now resume, following the recent lifting of COVID-19 related lockdown restrictions in Namibia, which will support debt finance activities. Key results for the integrated Phase 1 Project Feasibility Study remain on track for release at the end of this month. The new securities are expected to be issued on Monday 18 May 2020, in accordance with the timetable in the prospectus.

Contact:

Tel: + 61 8 9363 7800

Email: info@lepidico.com

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