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Salt Lake Potash Ltd (SO4)

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Tuesday 28 April, 2020

Salt Lake Potash Ltd

Completion of Placement and PDMR notification

RNS Number : 1903L
Salt Lake Potash Limited
28 April 2020
 

28 APRIL 2020

 

AIM/ASX Code: SO4

 

 

SALT LAKE POTASH LIMITED

 

COMPLETION OF AUSTRALIAN INSTITUTIONAL PLACEMENT

Salt Lake Potash Limited ( SO4 or Company ) is pleased to advise that it has completed the previously announced placement to a number of existing and new institutional shareholders and investors for the ongoing development of the Lake Way Project ( Project ).

The Placement of approximately 58.8 million ordinary shares of no par value ("Ordinary Shares") at A$0.34 each to raise A$20.0 million before costs (Placement), further strengthens SO4's share register with strong demand from existing institutional shareholders.

Placement funds will enable SO4 to continue to deliver the Lake Way Project to schedule, with commissioning expected to commence in December 2020 and first production in Q1 2021.

The Institutional Placement, comprising 56,067,647 shares completed today with the issue of 1,828,899 Ordinary Shares as announced on 23 April 2020. An additional 2,755,883 shares that Directors intend to subscribe for will be issued subject to shareholder approval. This includes 2,250,000 shares by Chairman, Mr Ian Middlemas and 505,883 shares by Managing Director and CEO, Mr Tony Swiericzuk. A notice of meeting will be sent to shareholders in due course.

Settlement and dealings

Application has been made to the AIM Market of the London Stock Exchange ("AIM") for 1,828,899 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 29 April 2020 (Admission).

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (DTRs), following the admission of 1,828,899 shares, SO4 will have 350,529,953 Ordinary Shares on issue with voting rights attached. SO4 holds no shares in treasury. This figure of 350,529,953 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

For further information please visit www.so4.com.au or contact:

 

Tony Swiericzuk / Richard Knights

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Colin Aaronson / Richard Tonthat / Seamus Fricker

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Derrick Lee / Peter Lynch

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220 6939

Rupert Fane / Ernest Bell

Hannam & Partners (Joint Broker)

Tel: +44 (0) 20 7907 8500

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake Potash Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

The Notification below, made in accordance with the requirements of the EU Market Abuse Regulation provides additional information.

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Shaun Day

2

Reason for the notification

a)

Position/status

CFO

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Salt Lake Potash Limited

b)

LEI

213800WAVVOPS85N2205

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of  no par value

Identification code

AU000000SO44

b)

Nature of the transaction

Subscription for cash in a placement by the Company

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




A$0.34

102,941







d)

 

Aggregated information


- Aggregated volume

Aggregate volume: 102,941

Aggregate price: 34 Australian cents

Aggregate total: A$35,000

- Price


e)

Date of the transaction

23 April 2020

f)

Place of the transaction

Off market transaction

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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