Salt Lake Potash to receive additional funding
The Australian company Salt Lake Potash has agreed with investors to issue 58.8 million new ordinary shares to raise approximately $ 20 million.
Their placement will be completed in two tranches. The first will take place today (April 24) and investors will be offered 56.067 million shares, the second is scheduled for June 2020.
Salt Lake Potash needs the funds to organize the production of sulfate of potash (SOP), which will be produced from Way Lake brines as part of the Goldfields Salt Lakes Project.
Salt Lake Potash plans include the construction of an initial Demonstration Plant with a capacity of 50 thousand tons of sulfate of potash per year. The product is going to be marketed and sold through a small circle of global distributors.
If the enterprise functions normally, then Salt Lake Potash will gradually increase the production and processing of potash salts: last year the company began preparing a bankable feasibility study for building a production facility for 200 thousand tons of SOP per year.