Salt Lake Potash has
received binding commitments for a successful share placement to existing and new
institutional shareholders and investors to raise AUS$20 million.
The company will issue 58.8 million new ordinary shares at AUS$0.34 each to raise gross proceeds of AUS$20 million.
The funds will enable the company to continue to deliver the Lake Way project to schedule, with commissioning expected in December 2020 and first production in 1Q21.
Tony Swiericzuk, CEO, said: “We are very pleased to have completed this capital raising with the support of our existing shareholders and to bring in a number of new institutional investors. These funds will enable us to continue the rapid development of Lake Way as we progress towards project financial close.”