Salt Lake Potash Ltd - Convertible Note Placement
AIM/ASX Code: SO4
CONVERTIBLE NOTE PLACEMENT
§ The Convertible Notes have been structured as deferred equity with zero coupon and mandatory conversion into Salt Lake ordinary shares of no par value (Shares) at the lower of 45c/Share or a 5% discount to any future equity raising of at least
§ The funds will allow SO4 to continue the rapid development of
§ The Company is in the final stages of completing the debt financing that is required to deliver project financial close at
§ The Convertible Note funds have been placed to a combination of new and existing institutional investors and a new corporate investor, Equatorial Resources Limited (ASX: EQX).
TONY SWIERICZUK, Chief Executive Officer
"We are pleased to complete this financing with the support of existing and new shareholders. These funds will enable the Company to continue the rapid development of the
convertible note placement
The Company has received commitments to raise
If there is no equity raising for greater than
The placement funds will enable SO4 to continue to deliver the
Commitments for the Convertible Notes have come from
The placement of the remaining Convertible Notes to raise
The Convertible Notes are considered to be the most efficient mechanism for raising funds to continue the rapid development of the project in the lead up to financial close. The placement did not expose the Company to additional costs, a protracted process and market volatility that may have been experienced with a pro-rata issue or other form of capital raising.
Argonaut acted as Financial Advisor on the placing.
For further information or to view a full version of this announcement, please visit www.so4.com.au or contact:
Tony Swiericzuk / Richard Knights
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Tel: +61 8 6559 5800
Colin Aaronson / Richard Tonthat / Seamus Fricker
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Tel: +44 (0) 20 7383 5100
Derrick Lee / Peter Lynch
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Tel: +44 (0) 131 220 6939
Rupert Fane / Ernest Bell
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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.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on
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