Salt Lake Potash (SO4) on Friday announced a A$23.5 million placing and a US$15 million debt facility extension to progress its Lake Way Project in Australia.
The ASX and AIM listed potash developer received binding commitments from new Australian institutional investors and existing institutional shareholders to place A$23.5 million worth of shares on the ASX.
Salt Lake Potash also announced that Taurus Funds Management extended its Stage 1 Debt Facility by a further US$15 million (A$22 million).
TONY SWIERICZUK SO4 Chief Executive Officer said: "We are very pleased to complete the next stage of our funding, having attracted such strong interest from a number of new Instutional investors and ongoing support of our existing Institutional shareholders.”
Shares in Salt Lake Potash were trading flat at 39p on Friday
Mr. Swiericzuk added: “Our close working relationship with Taurus has enabled SO4 to extend the Stage 1 Debt Facility whilst we complete documentation and satisfaction of conditions precedent for the main Project Development Facility.”
“Along with the Placement funds, the extension to the debt facility enables us to continue the rapid construction at Lake Way in line with our project schedule."
Salt Lake Potash issued 33.6 million new ordinary shares at A$0.70 each, a 10.3% discount to the last ASX closing price of $0.78.
Euroz Securities Limited and Canaccord Genuity (Australia) Limited were Joint Lead Managers for the placing.
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