Sign In
27 Nov 2020 15:39
27 November 2020
| AIM/ASX Code: SO4
|
SALT LAKE POTASH LIMITED Funding Update
|
Further to its announcement of a trading halt on the Australian Securities Exchange (ASX) earlier today, Salt Lake Potash Limited ("Company") advises that it is substantially advanced in satisfying the remaining conditions precedent to enable draw down of the debt financing ("Main Facility") as announced on 5 August 2020. It is expected that a further equity fundraising will be required to satisfy the cost to complete condition and enable drawdown. The details of the fundraising are currently being finalised and a further announcement will be made as appropriate. The Company anticipates that the bridge facility will be extended beyond the end of November and repaid from proceeds of the Main Facility upon initial drawdown.
Completion of the fundraising will enable the Company to deliver the Lake Way Project on schedule, with first Sulphate of Potash (SOP) production expected as previously announced, in the March quarter 2021.
For further information please visit www.so4.com.au or contact:
Tony Swiericzuk / Richard Knights | Salt Lake Potash Limited | Tel: +61 8 6559 5800 |
Colin Aaronson / Seamus Fricker | Grant Thornton UK LLP (Nominated Adviser) | Tel: +44 (0) 20 7383 5100 |
Derrick Lee / Peter Lynch | Cenkos Securities plc (Joint Broker) | Tel: +44 (0) 131 220 6939 |
Rupert Fane / Ernest Bell | Hannam & Partners (Joint Broker) | Tel: +44 (0) 20 7907 8500 |
Follow the stocks
