• Conducting a $6.5 million placement to institutional investors
• Received regulatory approvals to drill Wombat-5 well
• Proposed to issue additional shares and options

Lakes Blue Energy NL (ASX: LKO) has announced its reinstatement to trading on the ASX, following the completion of various disclosures and conditions set by the exchange. The company is conducting a placement of up to 8,663,667 fully paid ordinary shares to institutional investors, at an issue price of $0.75 per share, to raise approximately $6.5 million (before costs). The first tranche of the placement, raising around $6 million, will be completed immediately after the reinstatement, with the second tranche subject to shareholder approval. The company has also received consent from the Victorian State Minister for Energy and Resources to drill the Wombat-5 well, subject to the agreeing and payment of rehabilitation bonds. Additionally, the Victorian Department of Energy, Environment and Climate Action has approved Lakes' Operation Plan for the Wombat-5 drilling. The company's capital structure will include 66,764,372 fully paid ordinary shares upon reinstatement, with plans to issue further shares and options subject to shareholder approval. The top 20 shareholders hold approximately 51.9% of the company's shares.