Salt Lake Potash Ltd (ASX:SO4) has completed the placement of 10.58 million shares to international fund manager Fidelity International raising $7.4 million.
Funds from this placement will go towards the acquisition of a package of tenements and other key assets for the Lake Way Project in Western Australia.
The completion of the Fidelity placement follows yesterday’s news that Taurus Funds Management has been mandated to provide a US$150 million project financing facility.
Salt Lake Potash is the owner of nine large salt lakes in the Northern Goldfields Region of Western Australia.
The immediate focus is on the rapid development of the Lake Way Project, intended to be the first salt-lake brine sulphate of potash (SOP) production operation in Australia.