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Kalium Lakes lifts $14.2 million for sulphate of potash project

Beyondie's projected pre-tax net present value is $388 million.

Beyondie Sulphate of Potash Project
Australia’s highest grade brine deposit

Kalium Lakes Ltd (ASX:KLL) has successfully raised $14.2 million via an oversubscribed placement of shares to institutional and sophisticated investors at $0.42 each.

Following the settlement of the placement, Kalium will have cash at bank of circa $17.8 million.

The company is aiming to complete the bankable feasibility study and commence early site preparation works at its Beyondie Sulphate of Potash Project in Western Australia.

The oversubscribed placement is a strong endorsement of Kalium’s pre-feasibility study and reserve estimate for the Beyondie project.

It is worth noting that the project has a reserve of 2.66 million tonnes of sulphate of potash, with a projected pre-tax net present value of $388 million.

Brent Smoothy, Kalium’s largest shareholder, committed to subscribe for up to $2 million of the placement, of which only $1.6 million worth of shares were issued owing to strong demand from other investors.

In addition to the placement, Kalium Lakes is also offering eligible shareholders the opportunity to participate in a share purchase plan (SPP) to raise a maximum of $2 million.

The SPP offer will enable eligible shareholders to apply for up to $15,000 worth of new shares at the same price as the placement ($0.42 per share).

Quick facts: Kalium Lakes Ltd

Price: 0.4725 AUD

ASX:KLL
Market: ASX
Market Cap: $182.35 m
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