TIDMSO4
RNS Number : 3693X
Salt Lake Potash Limited
28 August 2020
28 August 2020 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
Not for release to US wire services or distribution in the
United States
COMPLETION OF RETAIL ENTITLEMENT OFFER
Salt Lake Potash Limited (SO4 or the Company) is pleased to
announce the successful completion of the retail component of the 1
for 3.2 pro rata accelerated non-renounceable entitlement offer
(Retail Entitlement Offer). The Retail Entitlement Offer formed
part of the fully underwritten A$98.5 million equity raising
announced on 5 August 2020.
The Retail Entitlement Offer closed on 25 August 2020 with
eligible retail shareholders and Depositary Interest (DI) holders
applying for approximately A$11.0 million worth of new fully paid
ordinary shares (New Shares) pursuant to their entitlements and
additional New Shares under the Retail Shortfall Facility
(representing a take up rate of approximately 40%).
The shortfall under the Retail Entitlement Offer will be
allotted to the sub-underwriters of the Retail Entitlement
Offer.
This follows the strong support for the institutional component
of the Entitlement Offer and placement raising approximately A$71
million.
The 54,991,200 New Shares, which have been subscribed for at a
price of A$0.50 per New Share under the Retail Entitlement Offer,
will be issued on Tuesday, 1 September 2020 and are expected to
commence trading on ASX on Wednesday, 2 September 2020. The New
Shares to be issued under the Retail Entitlement Offer will rank
equally with existing ordinary shares of no par value (Ordinary
Shares) on issue.
Euroz Securities Limited and Canaccord Genuity acted as joint
lead managers, joint underwriters and bookrunners to the equity
raising.
Settlement and Dealings
Application has been made to the AIM Market of London Stock
Exchange Plc ("AIM") for the admission of the 54,991,200 New Shares
being issued under the Retail Entitlement Offer, which rank pari
passu with the Company's existing issued Ordinary Shares, to be
admitted to trading. Dealings on AIM are expected to commence at
8:00am on or around 2 September 2020 (Admission).
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules (DTRs), following Admission, SO4
will have 561,471,476 Ordinary Shares in issue with voting rights
attached. SO4 does not hold any shares in treasury. This figure of
561,471,476 may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company, under the ASX Listing Rules or the
DTRs.
Directors' subscription
The following directors have subscribed for shares under the
Retail Enttlement Offer:
Name Existing Ordinary Resultant Percentage
Ordinary Shares subscribed holding of voting
Shares for rights
Matthew Bungey 1,394,075 100,000 1,494,075 0.27%
---------- ------------------- ---------- -----------
Mark Pearce 4,050,000 400,000 4,450,000 0.79%
---------- ------------------- ---------- -----------
Bryn Jones 50,000 15,625 65,625 0.01%
---------- ------------------- ---------- -----------
For further information please visit
https://www.so4.com.au/asx-announcements/ 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.
Not for release to US wire services or distribution in the
United States.
This announcement has been prepared for publication in Australia
and may not be released to US wire services or distributed in the
United States. This announcement does not constitute an offer to
sell, or a solicitation of an offer to buy, securities in the
United States or any other jurisdiction. Any securities described
in this announcement have not been, and will not be, registered
under the US Securities Act of 1933 and may not be offered or sold
in the United States except in transactions exempt from, or not
subject to, the registration requirements of the US Securities Act
and applicable US state securities laws.
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, to reflect the circumstances
or events after the date of that announcement.
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END
MSCPPUCCRUPUGWM
(END) Dow Jones Newswires
August 28, 2020 02:00 ET (06:00 GMT)
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