Salt Lake Potash Limited (ASX:SO4) has a capital raising announcement pending and has been granted a trading halt.
The trading halt will remain in place until the beginning of normal ASX trading on Friday, December 6, or when an announcement is released to the market, whichever occurs earliest.
Shares in the company that has a market cap of approximately A$200.3 million last traded at A78 cents.
Native Title approval
Last week the company received native title approval from representatives of the Tarlka Matuwa Piarku people for the Wiluna area that includes the company’s flagship Lake Way Sulphate of Potash Project in Western Australia.
The company produced a bankable feasibility study for the project in October 2019 and considers the agreement with Tarlka Matuwa Piarku (Aboriginal Corporation) RNTBC (TMPAC) a milestone towards project development.
Salt Lake said at the time the 20-year mining project and agreement would bring “significant benefits to TMPAC and the broader community” and allow continuing development of Lake Way project.
Perth-based Salt Lake tipped the agreement would allow for rapid development of the high-grade, low-cost project.
The company said the agreement for the Northern Goldfields project would also provide employment and community participation involvement opportunities for people in Wiluna.