LONDON (Alliance News) - Mining company Salt Lake Potash Ltd on Wednesday said it has completed its AUD13.0 million share placing.
The second tranche of placing has now been carried out, following shareholder approval granted at its December general meeting.
It consisted of 1.7 million shares and was priced at AUD0.42 per share, around 20 pence, including 952,381 shares subscribed for by Chief Executive Tony Swiericzuk and 750,000 shares by Chair Ian Middlemas.
Proceeds of the placing, which equate to around GBP7 million, will be used for the construction of the Williamson ponds and dewatering of the Williamson pit at its Goldfields Salt Lakes project in Western Australia.
The money will also be used to fund ongoing infrastructure development, exploration and feasibility studies, and for working capital.
Shares in Salt Lake were untraded in London on Monday, last quoted at 24.00 pence.