Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) substantial holder FIL Limited has increased its holding to 10.78% through participating in the company’s recent placement and entitlement offer.
On August 11 FIL purchased a total of 26,784,713 shares at a price of A$0.50 per share, increasing its stake in the sulphate of potash developer from 27,816,513 shares to more than 54.601 million shares.
The acquisitions on August 11 followed a series of purchases during the year along with earlier placement participation.
Funds raised to deliver SOP project
Salt Lake recently completed the A$71 million institutional component of its fully underwritten A$98.5 million equity raising at A$0.50 per new ordinary share.
The underwritten equity raising comprises the institutional component of the accelerated pro-rata non-renounceable entitlement offer and the institutional placement.
This institutional offer was strongly supported by existing and new institutional investors from Australia and overseas.
A retail entitlement offer will open on August 14, 2020, and is expected to close on August 25, 2020, with the aim of raising A$27 million.
The equity raising in conjunction with 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.