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 companys 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 companys 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.