StockMarketWire.com - Salt Lake Potash said has received commitments from investors to subscribe for up to a further 9.9m shares at the same terms as the placement to Australian investors, increasing the fundraising by up to AUD8.4m.

On March 23, the company announced an AUD5.2m placement to Australian investors. The issue price of A$0.32 represents a 12.0% discount to the 20-day ASX VWAP.

Proceeds from the Placement will be used to accelerate the Company's planned development initiatives at its flagship Lake Wells Sulphate of Potash (SOP) Project:

Ø Further drilling to improve the geological and hydrological model at Lake Wells, including pump testing of 3 aquifer units and measuring the hydraulic properties (flow rates and transmissivity) of the aquifers hosting the brine. A drill rig has recently mobilised to Lake Wells.

Ø Field evaporation trials on bulk brine samples supplied from the current drilling campaign to define the evaporation patterns, estimate the salting points of mixed salts and predict the conditions for production of SOP. Laboratory evaporation trials are currently underway to assist in designing the parameters of the field evaporation trials.

Ø A Scoping Study on the Lake Wells Project incorporating the recently upgraded Mineral Resource.

Ø Ongoing heritage, environmental, marketing and other studies to form part of the Lake Wells Scoping Study.

Ø Reconnaissance sampling and permitting at Lake Irwin (Exploration License: E37/1233 now granted), which is situated 180kms to the south-west of Lake Wells, as well as other projects owned by Salt Lake Potash.

Ø Normal working capital including staffing and corporate costs.




At 9:17am: (LON:SO4) Salt Lake Potash Limited share price was 0p at 17.5p



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