Salt Lake Potash Ltd - Australia-focused miner - Receives commitments to raise AUD15 million, about GBP8.3 million, through the placement of unsecured zero-coupon convertible notes to corporate and institutional investors. The convertible notes have been structured as deferred equity with zero coupon and mandatory conversion into Salt Lake shares at the lower of 45 cents or a 5% discount to any future equity raising of at least AUD10 million. The funds will allow Salt Lake Potash to continue the rapid development of Lake Way in Western Australia as construction activities ramp-up through July. Plant practical completion and first Salt Lake Potash sales remain on schedule for the March 2021 quarter.
Current stock price: 29.64
Year-to-date change: down 24%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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