StockMarketWire.com - Salt Lake Potash said it had secured $150m of project financing from Taurus Funds Management for its flagship Lake Way project in Western Australia state.

The financing provided around 90% of the capital cost estimate for the project detailed in a recent scoping study.

Salt Lake Potash said that combined with a recent A$27.7m equity raising, a separate $30m first-stage facility, would allow it to complete a bankable feasibility study and conclude the acquisition of strategic tenements from Blackham Resources.

The funding would also enable a continuation of early construction works to advance Lake Way prior to the drawdown of the main $150m project financing facility.

'This is an exciting development for Salt Lake Potash and its stakeholders, providing a clear runway for the company to progress the construction of the Lake Way project,' chief executive Tony Swiericzuk said.

'Salt Lake Potash is delighted to have entered into this long-term partnership with Taurus and we look forward to working with them through our bankable feasibility study and as we continue the construction at Lake Way.'

'Taurus' commitment is a strong endorsement for the Lake Way project and the exceptional team that has been built.'

At 9:19am: (LON:SO4) Salt Lake Potash Limited share price was 0p at 45.5p



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