Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) has completed the placement to strategic investors of 37.5 million shares to raise gross proceeds of A$20.25 million for the ongoing construction of the Lake Way Project.
Construction works include the development of on-lake infrastructure, the payment of deposits on certain process plant long-lead items, completion of the bankable feasibility study (BFS) and general working capital.
READ: Salt Lake Potash secures A$20.2 million to fund potash project construction
The company is delighted to have attached a consortium of highly experienced and successful natural resources investors including the founders of LionOre Mining International at a pivotal time in the development of the Lake Way Project.
Having completed a scoping study for a commercial scale 200,000 tonnes per annum sulphate of potash devilment at Lake Way, Salt Lake is focused on completing the BFS in quarter-three 2019.
READ: Salt Lake Potash begins BFS after Lake Way Potash scoping study shows commercial viability
This follows the binding commitments the company received on June 6 to place A$20.25 million worth of shares priced at 54 cents.
Salt Lake’s immediate focus is on the rapid Lake Way Project development, intended to be the first salt lake brine sulphate of potash (SOP) production operation in Australia.