Salt Lake Potash Ltd raises 5.2M shares suspended
Date
3/28/2016 5:16:32 AM
(MENAFN- ProactiveInvestors - Australia)
Salt Lake Potash Ltd's (ASX/LON:SO4) shares will remain suspended despite raising $5.2 million at $0.32 per each to institutional and sophisticated investors in Australia.
The Australian and UK listed company formerly Wildhorse Energy has fielded strong interest in its Lake Wells salt lake brine project in Western Australia from overseas based strategic and sophisticated agricultural investors.
The project is located in the Northern Goldfields and has existing infrastructure including the Great Central Road the Goldfields Highway the Goldfields gas pipeline and the railway sidings at Malcolm and Leonora.
Salt lake brine has potential to generate substantial volumes of highly enriched brine to supply a solar evaporation facility and processing plant to produce Sulphate of Potash (SOP) for domestic and international fertiliser markets.
The request for a continued suspension will enable interest from overseas investors to be gauged.
Salt Lake Potash increased the resource tonnage at Lake Wells to 80-85 million tonnes of SOP representing an additional 51-56 million tonnes.
A Scoping Study on the Lake Wells Project incorporating the upgraded Resource is underway.
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