REG - Salt Lake Potash Ltd - Operational and Potash Experience Added to Board

Salt Lake PotashAnnouncement

19/10/2020 07:00

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RNS Number : 4045C  Salt Lake Potash Limited  19 October 2020

 19 October 2020  AIM/ASX Code: SO4

 

 SALT LAKE POTASH LIMITED

 

SO4 Adds Operational and Potash Experience to Board

Salt Lake Potash Limited (SO4 or the Company) is pleased to announce the
appointment of Mr Phil Montgomery and Mr Peter Thomas to the board as
Independent Non-Executive Directors effective immediately. Following these
appointments Mr Mark Pearce will step down as a Non-Executive Director with
effect from today.

TONY SWIERICZUK, Chief Executive Officer:

"The appointment of Phil and Peter to the board reflects the next evolution in
SO4's development as we finalise construction at Lake Way and look ahead to
steady state operations and future development of other lakes. I believe their
significant combined experience in project development, operations, strategy
and finance within Tier 1 organisations will serve SO4 shareholders well.

I would also like to thank Mark for his contribution to the Company in its
formative stages, including acquisition of SO4's initial potash projects in
Western Australia."

 

Phil Montgomery

Phil Montgomery is a highly experienced mining industry executive who was most
recently Vice President - Projects at BHP, responsible for the development of
BHP's Potash business through its Jansen project in Saskatchewan, Canada. Mr.
Montgomery brings significant experience in project development and operations
having held senior project development positions at BHP and Billiton for over
20 years working across a number of commodities and geographies, including
leadership of BHP's Iron Ore growth program (2002-12). He holds a BSc
(Mechanical Engineering) from Oxford Brookes University in the UK and
completed the Executive Leadership Programme at INSEAD.

Peter Thomas

Peter Thomas is a senior executive with significant experience in project
operations, construction, finance and strategy. Mr Thomas held senior
executive positions at Fortescue between 2004-2014 including Project Director
in charge of the A$4.7bn T155 port and rail infrastructure investment and
Director of Corporate Services. He has previously worked for McKinsey and
Lehman Brothers in the USA and more recently held the position of CEO of the
Balla Balla Infrastructure Group (Todd Corporation). He is currently CFO of
Decmil, the ASX listed construction and engineering group with c.A$500m in
revenues. Mr Thomas holds an MBA from Harvard Business School, a BEc and BSc
from Macquarie University and is a graduate of the Australian Institute of
Company Directors.

 

Incentive Options

Subject to Shareholder approval, the Company will issue the following
securities to each of Mr Montgomery and Mr Thomas to attract and retain their
services:

·   200,000 Options exercisable at A$0.60 each on or before 1 November
2023, vesting immediately; and

·   300,000 Options exercisable at A$1.00 each on or before 1 November
2023, vesting 12 months from commencement.

 

AIM Rule 17

Further information as required by Rule 17 and Schedule 2 paragraph (g) of the
AIM Rules for Companies, is set out below:

 

Philip Montgomery, aged 56, is or has been a director of the following
companies in the last five years:

 Current Directorships/Partnerships         Former Directorships/Partnerships
 SMFG                                       BHP Billiton Canada Inc
 P and G Montgomery Holdings Pty Ltd
 P and G Montgomery Superannuation Pty Ltd

There is no further information required to be disclosed pursuant to Schedule
Two, paragraph (g) of the AIM rules.

Mr Montgomery has no current direct or indirect interest in any shares or
securities of the Company. Subject to shareholder approval Mr Montogomery will
be issued 500,000 options as detailed above.

 

Peter James Thomas, aged 49, is or has been a director of the following
companies in the last five years:

 Current Directorships/Partnerships         Former Directorships/Partnerships
 Decmil Group Limited                       N/A
 Decmil Australia Pty Ltd
 Decmil Engineering Pty Ltd
 Decmil Infrastructure Pty Ltd
 Decmil Southern Pty Ltd
 Eastcoast Development Engineering Pty Ltd
 Homeground Villages Pty Ltd
 Homeground Gladstone Pty Ltd
 8x Resources Pty Ltd
 C1 Energy Pty Ltd

 

There is no further information required to be disclosed pursuant to Schedule
Two, paragraph (g) of the AIM rules.

Mr Thomas has an interest in 120,000 fully paid ordinary shares representing
0.02% of its issued share capital. Subject to shareholder approval Mr Thomas
will be issued 500,000 options as detailed above.

 

For further information or to view a full version of this announcement, please
visit www.so4.com.au (http://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

 

This announcement has been authorised for release by the Board of Directors.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

Forward Looking Statements

This announcement may include forward-looking statements. These
forward-looking statements are based on Salt Lake Potash Limited's
expectations and beliefs concerning future events. Forward looking statements
are necessarily subject to risks, uncertainties and other factors, many of
which are outside the control of Salt Lake Potash Limited, which could cause
actual results to differ materially from such statements. Salt Lake Potash
Limited makes no undertaking to subsequently update or revise the
forward-looking statements made in this announcement, save where required by
law or regulation, to reflect the circumstances or events after the date of
that announcement.

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