Salt Lake Potash to raise A$23.5m to fund Lake Way development in Australia

Fri, 6th Dec 2019

Fertilizer developer Salt Lake Potash said it had received binding commitments from investors for a A$23.5m (£12.2m) share placement, to fund the ongoing development of its Lake Way project in Australia. New shares in the company would be placed at A$0.70 each to new Australian institutional investors and existing institutional shareholders. Taurus Funds Management had continued their support of the project by extending a stage-one debt facility by a further US$15m. 'We are very pleased to complete the next stage of our funding, having attracted such strong interest from a number of new instutional investors and ongoing support of our existing Institutional shareholders,' chief executive Tony Swiericzuk said. 'Our close working relationship with Taurus has enabled Salt Lake Potash to extend the stage-one debt facility whilst we complete documentation and satisfaction of conditions precedent for the main project development facility,' he added. 'Along with the placement funds, the extension to the debt facility enables us to continue the rapid construction at Lake Way in line with our project schedule.' Story provided by StockMarketWire.com

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