07:00 Fri 06 Dec 2019
Salt Lake Potash Ltd - Institutional Placement & Debt Facility Extension
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AIM/ASX Code: SO4
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INSTITUTIONAL PLACEMENT AND DEBT FACILITY EXTENSION
HIGHLIGHTS
§ SO4 has secured further funding for the Project via a placement and debt facility extension for total
§ SO4 will issue 33.6 million new ordinary shares at
§ The Placement further strengthens SO4's share register with strong demand from a number of new and existing institutional investors
§ Taurus has continued their support of the Project by agreeing to extend the Stage 1 Facility by
§ The combined additional funding ensures the Company is well placed to continue with the rapid development of the
TONY SWIERICZUK
SO4 Chief Executive Officer
"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. 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."
Placement
The Company has agreed to place approximately 33.6 million shares to a number of new Australian institutional investors and existing institutional shareholders at
The Placement under the Company's existing Listing Rule 7.1 and 7.1A placement capacity will contribute to the continued rapid development of the
SO4 Directors and management intend to subscribe for a total of 1.3 million shares in the Placement, including 428,571 shares by Managing Director and CEO, Mr Tony Swiericzuk and 275,000 shares by Chairman, Mr Ian Middlemas, subject to shareholder approval. In addition,
The issue price of
The Placement will be completed in two tranches as follows:
(a) 32,867,858 shares will be issued on
(b) 703,571 shares to be subscribed for by Directors will be issued on or about
The proposed participation in the Placement by Mr Tony Swiericzuk, Mr Ian Middlemas and by Lombard Odier constitute related party transactions under Rule 13 of the AIM Rules for Companies. The independent directors, having consulted the Company's nominated adviser,
Settlement and dealings
Application will be made to the AIM Market of the
Total Voting Rights
For the purposes of the
Stage 1 Facility Extension
In
The Stage 1 Facility (Facility) provided initial access to funding for early construction works for the
Following completion of the BFS, SO4 has been working with Taurus to complete documentation and satisfy the conditions precedent to the PDF. To fund the ongoing construction of key infrastructure prior to drawdown of the PDF, the parties have agreed to a
The voluntary halt of trading of the Company's shares on ASX was lifted prior to the opening of trade on
For further information please visit www.so4.com.au or contact:
Tony Swiericzuk / Clint McGhie |
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Tel: +61 8 6559 5800 |
Colin Aaronson / Richard Tonthat / Ben Roberts |
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Tel: +44 (0) 20 7383 5100 |
Derrick Lee / Peter Lynch |
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Tel: +44 (0) 131 220 6939 |
Rupert Fane / Ernest Bell |
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Tel: +44 (0) 20 7907 8500 |
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on
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