https://www.miningweekly.com
Construction|Dewatering|Exploration|Infrastructure|PROJECT|Infrastructure
Construction|Dewatering|Exploration|Infrastructure|PROJECT|Infrastructure
construction|dewatering|exploration|infrastructure|project|infrastructure

Salt Lake raises A$13m for Lake Way

9th November 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Salt Lake Potash will raise A$13-million through a share placement to institutional and sophisticated investors, to fund the development of its Lake Way project, in Western Australia.

The company on Friday said that some 31-million new shares will be placed at a price of 42c a share, representing a discount of 13.4% to Salt Lake’s last closing price of 48.5c a share.

The placement will be completed in two tranches, with the first 29.25-million shares to be placed under the company’s existing placement capacity, and the balance of 1.7-million shares subject to shareholder approval.

“We are very pleased to have received such strong support from new and existing shareholders to fund the construction of the initial on-lake infrastructure at Lake Way,” said Salt Lake CEO Tony Swiericzuk.

Proceeds from the placement will be used to construct the Williamson ponds and for dewatering of the Williamson pit, as well as the ongoing development of on-lake infrastructure, exploration and feasibility studies, and general working capital.

The Williamson pond will be the first operational scale sulphate of potash evaporation ponds built on a salt lake in Australia, and is an important part of the staged de-risking and development of the Lake Way project, as well as across the Goldfields Salt Lakes project.

“These activities are on the critical path to enabling Salt Lake to become the first Australian commercial producer of potash in a global sector with outstanding potential. This strong support from investors endorses our view that the Goldfields Salt Lakes project has enormous potential for value creation and we now look forward to rapidly delivering on this potential for all shareholders and stakeholders.”

Edited by Creamer Media Reporter

Comments

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.129 0.164s - 92pq - 2rq
Subscribe Now