Salt Lake Potash (SO4) remains on track to become an Australian-based potash producer after announcing it will raise $17.6 million to fund the development of its Goldfields Salt Lakes project in Western Australia.
The company said it received commitments from investors both in Australia and in the UK to subscribe for 41 million new ordinary shares of the company to raise the $17.6 million.
The funds will be used for planning and construction costs for a Pilot Plant at the project, as well as ongoing resource investigation, process test work, engineering and transport studies and working capital.
SO4 CEO Matt Syme said this stage of funding for its Sulphate of Potash projects in Australia would help the company work toward its goal of becoming the country’s first potash producer.
“The excellent support we have received from our shareholders and advisers in the UK and Australia is a great help in our pursuit of that goal and we look forward to continued success together,” he said.