REG - Salt Lake Potash Ltd - Funding Update

Salt Lake PotashAnnouncement

27/11/2020 15:40

RNS Number : 8117G
  
Salt Lake Potash Limited
  
27 November 2020
  
 




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



 

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