Salt Lake Potash Limited SO4 Successfully Completes Share Purchase Plan (1417N)
28 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMSO4
RNS Number : 1417N
Salt Lake Potash Limited
28 January 2021
28 January 2021 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
SO4 Successfully Completes Share Purchase Plan
Salt Lake Potash Limited (SO4 or the Company) advises that it
has successfully completed its Share Purchase Plan (SPP) announced
on 11 December 2020. Following strong demand from existing retail
Shareholders the SPP was increased to raise A$8m.
The SPP, originally intended to raise A$5.0 million, was heavily
oversubscribed with applications received for A$10.0 million at the
issue price of A$0.40 ( GBP 0.226) per share. Given the strong
support from existing Shareholders, the Board has exercised its
discretion under the terms of the SPP to increase the size of the
offer to A$8.0 million in recognition of the ongoing support of its
retail investors.A total of 20 million new fully paid ordinary
shares of no par value ("Ordinary Shares") will be issued under the
SPP. In addition, following receipt of Shareholder approval the
Company will be issuing 5,025,000 Ordinary Shares to SO4 Directors
next month under Tranche 2 of the placement initially announced on
11 December. The shares being issued under the SPP will represent
approximately 2.7% of SO4's ordinary shares on issue post
completion of Tranche 2.
The strong demand from eligible shareholders in the SPP has
necessitated a scale-back of valid applications. Applications will
be scaled as a proportion of the total dollar value of valid
applications. On a pro rata basis, all eligible shareholders who
submitted valid applications have been allocated approximately 83%
of their application amount.
Tony Swiericzuk Chief Executive Officer
"On behalf of the Company, I would like to thank all of our
Shareholders for their ongoing support as evidenced by the strong
demand for the SPP. The funds raised through the placement and SPP
have enabled the Company to achieve financial close on the US$138m
Taurus/CEFC debt facility and draw the initial tranche of US$105m
and to finalise development of the Lake Way Project."
Settlement and dealings
Application has been made to the AIM Market of the London Stock
Exchange ("AIM") for the 20,000,000 new Ordinary Shares, 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 Thursday, 4 February 2021 ("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Salt
Lake will have 731,002,885 Ordinary Shares in issue with voting
rights attached. Salt Lake holds no shares in treasury. This figure
of 731,002,885 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.
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
This announcement has been authorised for release by the Board
of Directors.
Additional Disclosures
The information contained within this announcement is deemed to
constitute inside information as stipulated under the UK Market
Abuse Regulation. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
Forward Looking Statements
This announcement includes forward-looking statements. These
forward-looking statements are based on the Company'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 the Company, which could
cause actual results to differ materially from such statements.
Although the Company believes that its forward-looking statements
have reasonable grounds, can give no assurance that they will be
achieved. They may be affected by a variety of variables and
changes in underlying assumptions that are subject to risk factors
associated with the nature of the Company's business (including
those described in pages 25 to 29 (inclusive) of the Presentation
released to ASX on 11 December 2020), which cause actual results to
differ materially from those expressed herein. The Company 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 this announcement.
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