Salt Lake Potash successfully completes share purchase plan after increasing offer size to $8 millio

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Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (FRA:W1D) has successfully completed its share purchase plan after increasing the offer size to $8 million from the initial $5 million targeted, following strong demand from existing retail shareholders. 

A total of 20 million new fully paid ordinary shares will be issued under the SPP at an issue price of 40 cents per share. 

It represents about 2.7% of SO4’s ordinary shares on issue post-completion of Tranche 2 of the placement. 

Use of funds

Salt Lake Potash chief executive officer Tony Swiericzuk said: “On behalf of the company, I would like to thank all of our shareholders for their ongoing support as evidenced by the strong demand for the SPP.

“The funds raised through the placement and SPP, have enabled the company to achieve financial close on the US$138 million Taurus/CEFC debt facility and draw the initial tranche of US$105 million and to finalise development of the Lake Way Project.”

Scale-back

The strong demand from eligible shareholders has necessitated a scale-back of valid applications.

Applications will be scaled as a proportion of the total dollar value of valid applications.

On a pro-rata basis, all eligible shareholders, who submitted valid applications have been allocated approximately 83% of their application amount.

SPP timetable

The SPP shares are expected to be issued on 3 February 2021 and commence trading on the ASX on 4 February 2021.

Holding statements are expected to be dispatched on 5 February 2021.

The payment of refunds for scaled back applications, as well as invalid applications, is expected to commence on 5 February 2021.

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