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Salt Lake Potash completes retail component of A$98.5 million equity raising

The shortfall under the retail entitlement offer will be allotted to the sub-underwriters of the retail entitlement offer.

Salt Lake Potash Ltd - Salt Lake Potash completes retail component of A$98.5 million equity raising
The equity raising sees the company fully funded to deliver the Lake Way Sulphate of Potash Project.

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) has completed the retail component of the 1 for 3.2 pro-rata accelerated non-renounceable entitlement offer, which formed part of the company's underwritten A$98.5 million equity raising.

The retail entitlement offer closed on August 25 with eligible shareholders applying for around A$11 million worth of new fully paid ordinary shares in line with their entitlements and additional new shares under the Retail Shortfall Facility.

Take-up rate of 40%

This response represents a take-up rate of approximately 40%.

The shortfall under the retail entitlement offer will be allotted to the sub-underwriters of the retail entitlement offer.

Institutional placement support

This follows the strong support for the institutional component of the entitlement offer and placement, which raised around A$71 million.

New shares will be issued under the retail entitlement offer on Tuesday, September 1, and are expected to begin trading on the ASX on Wednesday, September 2.

The new shares to be issued under the retail entitlement offer will rank equally with existing ordinary shares on issue.

Euroz Securities Limited and Canaccord Genuity acted as joint lead managers, joint underwriters and bookrunners to the equity raising.

Quick facts: Salt Lake Potash Ltd

Price: 27 GBX

AIM:SO4
Market: AIM
Market Cap: £157.7 m
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