SO4 Salt Lake Potash Limited

TIDMSO4

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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(END) Dow Jones Newswires

November 27, 2020 10:39 ET (15:39 GMT)

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