Junior sulfate of potash (SOP) producer Salt Lake Potash (SO4), Perth, Western Australia, said on May 24 it has received binding commitments for a successful share placement to institutional shareholders and investors raising A$28 million to enable final debt drawdown under its Syndicated Facility Agreement and access to additional funding through a bank guarantee provided by Sequoia Economic Infrastructure Income Fund (SEQI). The investors are subscribing for up to 80 million new ordinary shares at A$0.35 per share to raise the A$28 million.
“The company can now focus on ramping up production as we move to first revenues from the Lake Way Project in the very near-term,” said CEO Tony Swiericzuk.
The company said the project is on track for its first SOP production this June, with the first sales expected shortly thereafter. SO4 is initially targeting 245,000 mt/y of production from the project in the northern Goldfields of Western Australia.