16th Nov 2018 08:36
16 November 2018
| AIM/ASX Code: SO4
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SALT LAKE POTASH LIMITED APPENDIX 3B |
Salt Lake Potash Limited ("the Company") today released the following announcement on the Australian Securities Exchange ("ASX"), as required under the listing rules of the ASX.
The 29,035,714 million ordinary shares in the Company ("Ordinary Shares") issued today form part of the first tranche of the placement to institutional and sophisticated investors of 31.0 million shares at an issue price of A$0.42 per share, to raise gross proceeds of A$13.0 million, announced 9 November 2018. The balance of the first tranche, being 214,286 shares, is expected to be issued next week.
For further information please visit www.saltlakepotash.com.au or contact:
Clint McGhie | Salt Lake Potash Limited | Tel: +61 8 9322 6322 |
Colin Aaronson/Richard Tonthat/Ben Roberts | Grant Thornton UK LLP (Nominated Adviser) | Tel: +44 (0)207 383 5100 |
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13
Name of entity |
SALT LAKE POTASH LIMITED |
ABN |
98 117 085 748 |
We (the entity) give ASX the following information.
Part 1 ‑ All issues
You must complete the relevant sections (attach sheets if there is not enough space).
1 | +Class of +securities issued or to be issued
| a) Ordinary Shares
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2 | Number of +securities issued or to be issued (if known) or maximum number which may be issued | a) 29,035,714
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3 | Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)
| a) Fully paid ordinary shares
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4 | Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?
If the additional +securities do not rank equally, please state: · the date from which they do · the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment · the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment | Yes
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5 | Issue price or consideration
| $0.42
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6 | Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
| Proceeds from the issue will be used to fund construction of the Williamson Ponds and dewatering of the Williamson Pit, as well as ongoing development of on-lake infrastructure, exploration and feasibility studies, and general working capital. | ||
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6a | Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?
If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i | Yes | ||
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6b | The date the security holder resolution under rule 7.1A was passed | 17 November 2017 | ||
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6c | Number of +securities issued without security holder approval under rule 7.1 | 11,530,755 | ||
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6d | Number of +securities issued with security holder approval under rule 7.1A | 17,504,959 | ||
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6e | Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)
| Nil | ||
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6f | Number of +securities issued under an exception in rule 7.2 | Nil | ||
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6g | If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation. | Yes
Issue date: 16 November 2018 Issue price: $0.42 15 day VWAP: $0.46437 (Source: IRESS)
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6h | If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements | Not Applicable | ||
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6i | Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements | 7.1 - 7,612,398 7.1A - Nil | ||
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7 | +Issue dates Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A. Cross reference: item 33 of Appendix 3B. | 16 November 2018 | ||
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| Number | +Class | |
8 | Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)
| 204,085,310 | Ordinary Shares | |
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| Number | +Class | |
9 | Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)
| 5,000,000
7,500,000
10,000,000
750,000
750,000
1,000,000
250,000
500,000
750,000
400,000
1,000,000
2,000,000
2,000,000
12,666,258 | Class A Performance Shares
Class B Performance Shares
Class C Performance Shares
Incentive Options exercise price $0.40, expiry date 29 April 2019
Incentive Options exercise price $0.50, expiry date 29 April 2020
Incentive Options exercise price $0.60, expiry date 29 April 2021
Incentive Options exercise price $0.40, expiry date 30 June 2021
Incentive Options exercise price $0.50, expiry date 30 June 2021
Incentive Options exercise price $0.60, expiry date 30 June 2021
Incentive Options exercise price $0.70, expiry date 30 June 2021
Incentive Options exercise price $0.60, expiry date 1 November 2023
Incentive Options exercise price $1.00, expiry date 1 November 2023
Incentive Options exercise price $1.20, expiry date 1 November 2023
Performance rights which are subject to various performance conditions to be satisfied prior to the relevant expiry dates between 31 December 2018 and 1 November 2023
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10 | Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests) | Not Applicable | ||
Part 2 ‑ Pro rata issue
11 | Is security holder approval required?
| Not Applicable |
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12 | Is the issue renounceable or non-renounceable? | Not Applicable |
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13 | Ratio in which the +securities will be offered | Not Applicable |
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14 | +Class of +securities to which the offer relates | Not Applicable |
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15 | +Record date to determine entitlements | Not Applicable
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16 | Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? | Not Applicable |
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17 | Policy for deciding entitlements in relation to fractions
| Not Applicable |
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18 | Names of countries in which the entity has security holders who will not be sent new offer documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. | Not Applicable |
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19 | Closing date for receipt of acceptances or renunciations | Not Applicable |
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20 | Names of any underwriters
| Not Applicable |
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21 | Amount of any underwriting fee or commission | Not Applicable |
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22 | Names of any brokers to the issue
| Not Applicable |
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23 | Fee or commission payable to the broker to the issue | Not Applicable |
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24 | Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders | Not Applicable |
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25 | If the issue is contingent on security holders' approval, the date of the meeting | Not Applicable |
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26 | Date entitlement and acceptance form and offer documents will be sent to persons entitled | Not Applicable |
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27 | If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders | Not Applicable |
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28 | Date rights trading will begin (if applicable) | Not Applicable |
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29 | Date rights trading will end (if applicable)
| Not Applicable |
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30 | How do security holders sell their entitlements in full through a broker? | Not Applicable |
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31 | How do security holders sell part of their entitlements through a broker and accept for the balance? | Not Applicable |
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32 | How do security holders dispose of their entitlements (except by sale through a broker)? | Not Applicable |
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33 | +Issue date
| Not Applicable |
Part 3 ‑ Quotation of securities
You need only complete this section if you are applying for quotation of securities
34 | Type of +securities (tick one)
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(a) |
| +Securities described in Part 1 |
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(b) |
| All other +securities Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities |
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing the information or documents |
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35 |
| If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders |
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36 |
| If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over |
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37 |
| A copy of any trust deed for the additional +securities |
Entities that have ticked box 34(b)
38 | Number of +securities for which +quotation is sought
| Not Applicable |
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39 | +Class of +securities for which quotation is sought
| Not Applicable |
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40 | Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?
If the additional +securities do not rank equally, please state: · the date from which they do · the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment · the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment | Not Applicable |
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41 | Reason for request for quotation now Example: In the case of restricted securities, end of restriction period
(if issued upon conversion of another +security, clearly identify that other +security)
| Not Applicable |
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| Number | +Class | |
42 | Number and +class of all +securities quoted on ASX (including the +securities in clause 38)
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Quotation agreement
1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.
2 We warrant the following to ASX.
· The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
· There is no reason why those +securities should not be granted +quotation.
· An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.
Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty
· Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
· If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
4 We give ASX the information and documents required by this form. If any information or document is not available now, we will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.
Sign here: ........................................................... Date: 16 November 2018
(Director/Company secretary)
Print name: Clint McGhie
== == == == ==
Appendix 3B - Annexure 1
Calculation of placement capacity under rule 7.1 and rule 7.1A for eligible entities
Introduced 01/08/12 Amended 04/03/13
Part 1
Rule 7.1 - Issues exceeding 15% of capital | |
Step 1: Calculate "A", the base figure from which the placement capacity is calculated | |
Insert number of fully paid +ordinary securities on issue 12 months before the +issue date or date of agreement to issue | 175,049,596 |
Add the following: • Number of fully paid +ordinary securities issued in that 12 month period under an exception in rule 7.2 • Number of fully paid +ordinary securities issued in that 12 month period with shareholder approval • Number of partly paid +ordinary securities that became fully paid in that 12 month period Note: • Include only ordinary securities here - other classes of equity securities cannot be added • Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed • It may be useful to set out issues of securities on different dates as separate line items |
Nil |
Subtract the number of fully paid +ordinary securities cancelled during that 12 month period | Nil |
"A" | 175,049,596 |
Step 2: Calculate 15% of "A" | |
"B" | 0.15 [Note: this value cannot be changed] |
Multiply "A" by 0.15 | 26,257,439 |
Step 3: Calculate "C", the amount of placement capacity under rule 7.1 that has already been used | |
Insert number of +equity securities issued or agreed to be issued in that 12 month period not counting those issued: • Under an exception in rule 7.2 • Under rule 7.1A • With security holder approval under rule 7.1 or rule 7.4 Note: • This applies to equity securities, unless specifically excluded - not just ordinary securities • Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed • It may be useful to set out issues of securities on different dates as separate line items |
1,100,000 Incentive Options (28 November 2017)
800,000 Incentive Options (22 December 2017)
5,000,000 Incentive Options (2 November 2018)
11,530,755 Ordinary Shares (16 November 2018)
214,286 Ordinary Shares (TBC) |
"C" | 18,645,041 |
Step 4: Subtract "C" from ["A" x "B"] to calculate remaining placement capacity under rule 7.1 | |
"A" x 0.15 Note: number must be same as shown in Step 2 | 26,257,439 |
Subtract "C" Note: number must be same as shown in Step 3 | 18,645,041 |
Total ["A" x 0.15] - "C" | 7,612,398 [Note: this is the remaining placement capacity under rule 7.1] |
Part 2
Rule 7.1A - Additional placement capacity for eligible entities | |
Step 1: Calculate "A", the base figure from which the placement capacity is calculated | |
"A" Note: number must be same as shown in Step 1 of Part 1 | 175,049,596 |
Step 2: Calculate 10% of "A" | |
"D" | 0.10 Note: this value cannot be changed |
Multiply "A" by 0.10 | 17,504,959 |
Step 3: Calculate "E", the amount of placement capacity under rule 7.1A that has already been used | |
Insert number of +equity securities issued or agreed to be issued in that 12 month period under rule 7.1A Notes: • This applies to equity securities - not just ordinary securities • Include here - if applicable - the securities the subject of the Appendix 3B to which this form is annexed • Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained • It may be useful to set out issues of securities on different dates as separate line items | 17,504,959 Ordinary Shares (16 November 2018) |
"E" | 17,504,959 |
Step 4: Subtract "E" from ["A" x "D"] to calculate remaining placement capacity under rule 7.1A | |
"A" x 0.10 Note: number must be same as shown in Step 2 | 17,504,959 |
Subtract "E" Note: number must be same as shown in Step 3 | 17,504,959 |
Total ["A" x 0.10] - "E" | Nil Note: this is the remaining placement capacity under rule 7.1A |
Information required under ASX Listing Rule 3.10.5A:
(a) Salt Lake Potash Limited (Company) has today issued 17,504,959 shares under Listing Rule 7.1A and has today issued or will issue 11,745,041 shares under Listing Rule 7.1. Dilution to existing shareholders as a result of the issue under Listing Rule 7.1A is 9.1%, dilution to existing shareholders as a result of the issue under Listing Rule 7.1 is 6.3% and the total dilution to existing shareholders is 14.3%. The percentage of the post-placement capital is as follows:
a. 72.0% held by pre-placement security holders who did not participate in the placement;
b. 21.0% held by pre-placement security holders who did participate in the placement (with 10.5% held by those who participated under Listing Rule 7.1A); and
c. 7.0% held by participants in the placement who were not previously security holders (with 2.7% held by those who participated under Listing Rule 7.1A);
(b) The Company issued 17,504,959 shares under Listing Rule 7.1A because the Placement was considered to be a more efficient mechanism for raising funds. The Placement did not expose the Company to additional costs, a protracted process and market volatility that may have been experienced with a pro-rata issue or other type of issue in which existing ordinary shareholders would have been eligible to participate;
(c) No underwriting arrangements are in place for the Placement under rule 7.1A; and
(d) A fee of up to 6% may be paid to the Brokers/Advisors in connection with the Placement under rule 7.1A.
Notice Under Section 708A
Salt Lake Potash Limited (the Company) has today issued 29,035,714 fully paid ordinary shares. The issued shares are part of a class of securities quoted on Australian Securities Exchange ("ASX").
The Company hereby notifies ASX under paragraph 708A(5)(e) of the Corporations Act 2001 (Cwth) (the "Act") that:
1. the Company issued the securities without disclosure to investors under Part 6D.2 of the Act;
2. as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company, and section 674 of the Act; and
3. as at the date of this notice, there is no information that is "excluded information" within the meaning of sections 708A(7) and (8) of the Act.
Related Shares:
SO4.L