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Salt Lake Potash Ltd - AGM Statement. Issue of Ordinary Shares

RNS Number : 8975Z
Salt Lake Potash Limited
23 September 2020
 

23 September 2020

AIM/ASX Code: SO4

 

 

SALT LAKE POTASH LIMITED

SHAREHOLDER MEETING RESULTS

Salt Lake Potash Limited ("the Company") advises that a General Meeting of the Company was held today, 23 September 2020, at 2.00pm (WST).

The resolutions voted on were in accordance with the Notice of General Meeting as announced on 24 August 2020 and which is available on the Company's website, www.so4.com.au. All resolutions were voted on and carried by way of a poll.

In accordance with Section 251AA of the Corporations Act 2001, the details of the poll and the proxies received in respect of each resolution are set out in the following summary.

 

Resolution

Result

Voting Method

Number of Proxy Votes Received

Number and Percentage of Votes Cast
by Poll

For

Against

Abstain

Proxy's Discretion

For

Against

Abstain

1.   Ratification of prior issue of Institutional Convertible Notes

Carried

Poll

114,466,685

4,941,297

60,968,059

87,680

141,700,577

96.63%

4,941,297

3.37%

60,968,059

 

2.   Approval to issue Shares on conversion of Equatorial Convertible Notes

Carried

Poll

170,644,612

5,044,279

4,686,250

87,680

197,878,504

97.51%

5,044,279

2.49%

4,686,250

 

3a. Ratification of Prior Placement of Shares - Listing Rule 7.1

Carried

Poll

117,166,382

4,941,297

55,038,458

87,680

144,400,274

96.69%

4,941,297

3.31%

55,038,458

 

3b. Ratification of Prior Placement of Shares - Listing Rule 7.1A

Carried

Poll

117,166,382

4,941,297

55,038,458

87,680

144,400,274

96.69%

4,941,297

3.31%

55,038,458

 

4.   Approval to issue Taurus Options

Carried

Poll

173,011,729

6,899,681

464,631

87,680

200,245,621

96.67%

6,899,681

3.33%

464,631

 

5.   Approval to issue Consultancy Shares

Carried

Poll

169,338,546

5,029,045

5,071,342

87,680

196,222,438

97.50%

5,029,045

2.50%

5,071,342

 

Corporate Presentation

A new presentation giving a virtual tour of the Lake Way project is also now available to view on the Company's website: www.so4.com.au

Exercise of Convertible Notes

Following approval of Resolution 2 above, the Company will issue 22,222,223 fully paid new ordinary shares of no par value (Ordinary Shares) at a conversion price of A$0.45 per Ordinary Share on conversion of the convertible notes issued to Equatorial Resources as announced by the Company on 2 July 2020.

Consultancy Shares

Following approval of Resolution 5 above, the Company will issue 370,000 fully paid new Ordinary Shares (Consultancy Shares) to Mr Matthew Bungey, a director of the Company, at a price of A$0.50 per Ordinary Share as announced by the Company on 14 August 2020.

Settlement and Dealings

Application has been made to the AIM Market of London Stock Exchange Plc (AIM) for the admission of the 22,592,223 new Ordinary Shares being issued on exercise of the Convertible Notes and on issue of the Consultancy 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 or around 25 September 2020 (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 584,063,699 Ordinary Shares in issue with voting rights attached. Salt Lake does not hold any shares in treasury. This figure of 584,063,699 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 Swierizcuk / Richard Knights

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Colin Aaronson / Richard Tonthat / 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 Company Secretary.

 

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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Price: 32.5

Market: AIM
Market Cap: £189.82 m
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