Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS: WHELF) non-executive directors have demonstrated their confidence in the company’s sulphate of potash (SOP) strategy by participating in an entitlement offer.
Matthew Bungey acquired 100,000 shares for A$50,00, Mark Pearce acquired 400,000 shares valued at A$200,000 and Bryn Jones acquired 15,625 shares.
A$98.5 million equity raising
The institutional component of Salt Lake’s entitlement offer and placement recently raised around A$71 million.
Subsequently, the retail component of the entitlement offer closed on August 25 with eligible shareholders applying for around A$11 million worth of shares.
The shortfall under the retail entitlement offer will be allotted to the sub-underwriters.
Fully funded to deliver SOP project
The equity raising in conjunction with the execution of a US$138 million (~A$203 million) debt financing package sees the company fully funded to deliver the Lake Way Sulphate of Potash Project in Western Australia on schedule.
The debt financing package was recently executed with Taurus Mining Finance Fund and the Clean Energy Finance Corporation.