Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) has completed a A$20 million placement to several existing and new institutional shareholders to support ongoing development of the Lake Way Sulphate of Potash Project in the Goldfields region of WA.
The placement of around 58.8 million shares at A34 cents each further strengthens the company’s register with strong demand from existing institutional shareholders.
Funds will enable SO4 to continue to deliver the Lake Way Project to schedule, with commissioning expected to commence in December 2020 and first production in the first quarter of 2021.
An additional 2.75 million shares that the company’s directors intend to subscribe for will be issued subject to shareholder approval.
This includes 2.25 million shares for chairman Ian Middlemas and 505,883 shares for managing director and CEO Tony Swiericzuk.
A notice of meeting will be sent to shareholders in due course.
Lake Way earthworks complete
The company completed earthworks at its process plant non-process infrastructure site at the Lake Way project in early April, including accommodation, power, raw water storage and buildings.
Early process plant construction work is underway and the project remains on schedule for December 2020 commissioning.
The Lake Way Village construction is now 60% complete.