leadf
logo-loader
viewSalt Lake Potash Ltd

Salt Lake Potash successfully completes share purchase plan after increasing offer size to $8 million

A total of 20 million new fully paid ordinary shares will be issued under the SPP at an issue price of 40 cents per share.

Salt Lake Potash Ltd - Salt Lake Potash successfully completes share purchase plan after increasing offer size to $8 million
The strong demand from eligible shareholders has necessitated a scale-back of valid applications

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (FRA:W1D) has successfully completed its share purchase plan after increasing the offer size to $8 million from the initial $5 million targeted, following strong demand from existing retail shareholders. 

A total of 20 million new fully paid ordinary shares will be issued under the SPP at an issue price of 40 cents per share. 

It represents about 2.7% of SO4’s ordinary shares on issue post-completion of Tranche 2 of the placement. 

Use of funds

Salt Lake Potash chief executive officer Tony Swiericzuk said: “On behalf of the company, I would like to thank all of our shareholders for their ongoing support as evidenced by the strong demand for the SPP.

“The funds raised through the placement and SPP, have enabled the company to achieve financial close on the US$138 million Taurus/CEFC debt facility and draw the initial tranche of US$105 million and to finalise development of the Lake Way Project.”

Scale-back

The strong demand from eligible shareholders has necessitated a scale-back of valid applications.

Applications will be scaled as a proportion of the total dollar value of valid applications.

On a pro-rata basis, all eligible shareholders, who submitted valid applications have been allocated approximately 83% of their application amount.

SPP timetable

The SPP shares are expected to be issued on 3 February 2021 and commence trading on the ASX on 4 February 2021.

Holding statements are expected to be dispatched on 5 February 2021.

The payment of refunds for scaled back applications, as well as invalid applications, is expected to commence on 5 February 2021.

Quick facts: Salt Lake Potash Ltd

Price: 25.5 GBX

AIM:SO4
Market: AIM
Market Cap: £187.81 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Salt Lake Potash Ltd named herein, including the promotion by the Company of Salt Lake Potash Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Salt Lake Potash focused on plant commissioning as Lake Way nears completion

Salt Lake Potash Ltd's (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) (FRA:W1D) Tony Swiericzuk tells Proactive's Andrew Scott its Lake Way project in Western Australia is nearing completion, with the process plant 88% complete and the overall project, including all on-lake infrastructure 81% complete....

on 19/1/21

2 min read