Salt Lake Potash

Canaccord Genuity acts as Joint Lead Manager to a A$20.0 million equity raise for Salt Lake Potash Limited

Canaccord Genuity is pleased to announce that it has executed an equity raising transaction for Salt Lake Potash Limited (“Salt Lake”) (ASX: SO4), comprising an institutional placement of approximately 58.8 million new shares to raise A$20.0 million (“Placement”). The Placement was undertaken at an offer price of A$0.34 per share.

Canaccord Genuity acted as Joint Lead Manager and Bookrunner to the Transaction. The raising was well supported by existing and new institutional shareholders with Salt Lake Directors and Management intending to subscribe for approximately A$1.2 million in the Placement.

The funds raised in the Placement will enable the Company to continue the rapid development of the company’s Lake Way Project to schedule, with commissioning expected in December 2020 and first production in Q1 2021, with production ramping up to a run rate of 245ktpa by the end of 2021.

Salt Lake ‘s assets comprise 11 salt lakes in the goldfields region of Western Australia covering over 5,000km2, where the company plans to build a sustainable Sulphate of Potash (SOP) project. The Lake Way Project has a number of compelling advantages with make it potentially an ideal site for an SOP operation. 

The Transaction represents the third equity transaction that Canaccord Genuity has led for Salt Lake. The Transaction team included Jeremy Dunlop, Carl Henschke, Christian Calabrese, Stefan Collins and Jack Sampson.