(Alliance News) - Salt Lake Potash Ltd on Tuesday said it has completed the placing of AUD7.4 million, or GBP4.13 million, worth of shares to fund an acquisition in Australia.
Salt Lake placed 10.6 million new shares at AUD0.70 to raise the money, all of which has come from investor Fidelity International.
Salt Lake shares were 0.5% lower Tuesday in London at 43.80 pence each. They closed up 6.0% in Sydney on Tuesday at AUD0.80.
This would go towards buying new tenements located at the northern end of its Lake Way project. The tenements were bought from Blackham resources.
On Monday, Salt Lake agreed USD150 million of project financing for Lake Way's development from Taurus Funds Management, covering some 90% of the capital estimated to be needed in a recently completed scoping study for the project.