SO4 Salt Lake Potash Limited

TIDMSO4

RNS Number : 4056B

Salt Lake Potash Limited

10 June 2021

 
 10 June 2021                 AIM/ASX Code: SO4 
  SALT LAKE POTASH LIMITED 
--------------------------- 
 
 

Funds from placement and final debt drawdown received

Salt Lake Potash Limited (SO4 or the Company) is pleased to announce that following receipt of funds from Tranche 1 of its recent A$28m placement, announced on 24 May 2021, SO4 has drawn down the final US$33m tranche of its US$138m Senior Debt Facility. The A$18m Guarantee Facility with Sequoia has also been executed.

Senior Debt drawn and Gaurantee Facility executed

-- Following completion of Tranche 1 of the A$28m equity placement, the Company had satisfied all remaining conditions precedent to draw the final tranche of the Senior Debt Facility.

-- The final US$33m tranche of the US$138m Senior Debt facility has been drawn, with US$11m escrowed for early repayment in June 2022.

-- The company has also executed its A$18m Guarantee Facility with Sequoia Economic Infrastructure Fund (SEQI), allowing the release of A$18m of equity back into the project.

-- The funds will be used for general operating expenses during the ramp up of the Lake Way Project.

CEO Statement

"We are pleased to have concluded the debt financing process and would like to thank all our financial stakeholders for their support in funding the Lake Way project. We now look forward to delivering the project and ramping up SOP production over the next 9-12 months."

Tony Swiericzuk Chief Executive Officer

 
 Tony Swiericzuk / Richard Knights   Salt Lake Potash Limited                    Tel: +61 8 6559 5800 
 Colin Aaronson / Lukas Girzadas     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 the Managing Director, Tony Swiericzuk

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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June 10, 2021 02:00 ET (06:00 GMT)

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