TIDMSO4
RNS Number : 5767C
Salt Lake Potash Limited
18 June 2019
18 June 2019 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
COMPLETION OF PLACEMENT / ISSUE OF SHARES
APPIX 3B
-------------------------------------------
Salt Lake Potash Limited (the Company) has today released the
following information on the Australian Securities Exchange (ASX),
in accordance with the ASX Listing Rules.
The 12,024,000 ordinary shares of no par value (Ordinary Shares)
issued today represent the final tranche of the placement of 37.5
million Ordinary Shares (Placement) that was announced on 6 June
2019.
Salt Lake Potash is delighted to have attracted a consortium of
highly experienced and successful natural resources investors,
including the founders of LionOre Mining International, at a
pivotal time in the rapid development of its Lake Way Project.
Having recently completed a Scoping Study for a commercial scale
200ktpa Sulphate of Potash development at Lake Way, Salt Lake
Potash is now focussed on completing a Bankable Feasibility Study
(BFS) in Q3, 2019.
The Placement will fund ongoing construction of the Lake Way
Project, including the development of on-lake infrastructure, the
payment of deposits on certain process plant long-lead items,
completion of the BFS, and general working capital.
Additional issue of shares
In addition, the Company has today issued a further 617,284
Ordinary Shares at an equivalent price of A$0.54 per share in
respect of Placement fees. Application has been made for the
admission to trading on AIM of the 617,284 Ordinary Shares with
admission expected to occur on or around 21 June 2019.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules (DTRs), following issue of the
12,641,284 Ordinary Shares, the Company has 245,137,865 Ordinary
Shares in issue with voting rights attached. The Company holds no
shares in treasury. This figure of 245,137,865 may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company, under
the ASX Listing Rules or the DTRs.
For further information please visit www.so4.com.au or
contact:
Tony Swiericzuk / Clint McGhie Salt Lake Potash Limited Tel: +61 8 6559 5800
Jo Battershill Salt Lake Potash Limited Tel: +44 7540 366000
Colin Aaronson / Richard Tonthat / Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
Ben Roberts (Nominated Adviser)
Derrick Lee / Beth McKiernan Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939
Rupert Fane / Ingo Hofmaier / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
Forward Looking Statements
This announcement may include forward-looking statements. These
forward-looking statements are based on Salt Lake Potash Limited's
expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Salt Lake
Potash Limited, which could cause actual results to differ
materially from such statements. Salt Lake Potash Limited makes no
undertaking to subsequently update or revise the forward-looking
statements made in this announcement, to reflect the circumstances
or events after the date of that announcement.
Production Target
The Lake Way Project Production Target stated in this
announcement is based on the Company's Scoping Study as announced
on 13 June 2019. The information in relation to the Production
Target that the Company is required to include in a public report
in accordance with ASX Listing Rule 5.16 and 5.17 was included in
the Company's ASX Announcement released on 13 June 2019. The
Company confirms that the material assumptions underpinning the
Production Target referenced in the 13 June 2019 release continue
to apply and have not materially changed.
The following information has been released on the Australian
Securities Exchange (ASX) in accordance with the ASX Listing
Rules.
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX
as soon as available. Information and documents given to ASX become
ASX's property and may be made public.
Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98,
01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05,
01/08/12, 04/03/13
Name of entity
SALT LAKE POTASH LIMITED
ABN
98 117 085 748
We (the entity) give ASX the following information.
Part 1 -- All issues
You must complete the relevant sections (attach sheets if there
is not enough space).
1 +Class of +securities (a) Ordinary Shares
issued or to be issued (b) Ordinary Shares
2 Number of +securities (a) 12,024,000
issued or to be issued
(if known) or maximum
number which may be
issued
(b) 617,284
3 Principal terms of (a) Fully paid ordinary shares
the +securities (e.g. (b) Fully paid ordinary shares
if options, exercise
price and expiry date;
if partly paid +securities,
the amount outstanding
and due dates for
payment; if +convertible
securities, the conversion
price and dates for
conversion)
4 Do the +securities (a) Yes
rank equally in all (b) Yes
respects from the
+issue date with an
existing +class of
quoted +securities?
If the additional
+securities do not
rank equally, please
state:
* the date from which they do
* the extent to which they participate for the next
dividend, (in the case of a trust, distribution) or
interest payment
* the extent to which they do not rank equally, other
than in relation to the next dividend, distribution
or interest payment
5 Issue price or consideration (a) $0.54
(b) Nil
6 Purpose of the issue (a) Proceeds from the issue will
(If issued as consideration be used to fund ongoing construction
for the acquisition of the Lake Way Project, including
of assets, clearly the development of on-lake infrastructure,
identify those assets) the payment of deposits on certain
process plant long-lead items,
completion of feasibility studies,
and general working capital.
(b) Issue of shares for equity
settled placement fee.
--------------------------------------------------------------
6a Is the entity an +eligible Yes
entity that has obtained
security holder approval
under rule 7.1A?
If Yes, complete sections
6b - 6h in relation
to the +securities
the subject of this
Appendix 3B, and comply
with section 6i
6b The date the security 30 November 2018
holder resolution
under rule 7.1A was
passed
Number of +securities
issued without security
holder approval under
6c rule 7.1 12,641,284
6d Number of +securities Nil
issued with security
holder approval under
rule 7.1A
6e Number of +securities Nil
issued with security
holder approval under
rule 7.3, or another
specific security
holder approval (specify
date of meeting)
6f Number of +securities Nil
issued under an exception
in rule 7.2
6g If +securities issued Not Applicable
under rule 7.1A, was
issue price at least
75% of 15 day VWAP
as calculated under
rule 7.1A.3? Include
the +issue date and
both values. Include
the source of the
VWAP calculation.
6h If +securities were Not Applicable
issued under rule
7.1A for non-cash
consideration, state
date on which valuation
of consideration was
released to ASX Market
Announcements
6i Calculate the entity's 7.1 - 10,584,253
remaining issue capacity
under rule 7.1 and
rule 7.1A - complete
Annexure 1 and release
to ASX Market Announcements
7.1A - Nil
7 +Issue dates 18 June 2019
Note: The issue date
may be prescribed
by ASX (refer to the
definition of issue
date in rule 19.12).
For example, the issue
date for a pro rata
entitlement issue
must comply with the
applicable timetable
in Appendix 7A.
Cross reference: item
33 of Appendix 3B.
Number +Class
Number and +class
of all +securities
quoted on ASX (including
the +securities in
8 section 2 if applicable) 245,137,865 Ordinary Shares
------------------
Number +Class
Class B Performance
Shares
Class C Performance
Shares
Incentive Options
exercise price $0.50,
expiry date 29 April
2020
Incentive Options
exercise price $0.60,
expiry date 29 April
2021
Incentive Options
exercise price $0.40,
expiry date 30 June
2021
Incentive Options
exercise price $0.50,
expiry date 30 June
2021
7,500,000
Incentive Options
10,000,000 exercise price $0.60,
expiry date 30 June
750,000 2021
Incentive Options
1,000,000 exercise price $0.70,
expiry date 30 June
2021
250,000
Incentive Options
exercise price $0.60,
500,000 expiry date 1 November
2023
750,000 Incentive Options
exercise price $1.00,
expiry date 1 November
400,000 2023
Incentive Options
1,700,000 exercise price $1.20,
expiry date 1 November
2023
2,750,000 Performance rights
which are subject
to various performance
conditions to be
Number and +class 3,000,000 satisfied prior to
of all +securities the relevant expiry
not quoted on ASX dates between 31
(including the +securities December 2018 and
9 in section 2 if applicable) 21,095,016 1 November 2023
-------------------------------------
10 Dividend policy (in Not Applicable
the case of a trust,
distribution policy)
on the increased capital
(interests)
Part 2 -- Pro rata issue
11 Is security holder Not Applicable
approval required?
12 Is the issue renounceable Not Applicable
or non-renounceable?
13 Ratio in which the Not Applicable
+securities will be
offered
14 +Class of +securities Not Applicable
to which the offer
relates
15 +Record date to determine Not Applicable
entitlements
16 Will holdings on different Not Applicable
registers (or subregisters)
be aggregated for calculating
entitlements?
17 Policy for deciding Not Applicable
entitlements in relation
to fractions
18 Names of countries Not Applicable
in which the entity
has security holders
who will not be sent
new offer documents
Note: Security holders
must be told how their
entitlements are to
be dealt with.
Cross reference: rule
7.7.
19 Closing date for receipt Not Applicable
of acceptances or renunciations
20 Names of any underwriters Not Applicable
21 Amount of any underwriting Not Applicable
fee or commission
22 Names of any brokers Not Applicable
to the issue
23 Fee or commission payable Not Applicable
to the broker to the
issue
24 Amount of any handling Not Applicable
fee payable to brokers
who lodge acceptances
or renunciations on
behalf of security
holders
25 If the issue is contingent Not Applicable
on security holders'
approval, the date
of the meeting
26 Date entitlement and Not Applicable
acceptance form and
offer documents will
be sent to persons
entitled
27 If the entity has issued Not Applicable
options, and the terms
entitle option holders
to participate on exercise,
the date on which notices
will be sent to option
holders
28 Date rights trading Not Applicable
will begin (if applicable)
29 Date rights trading Not Applicable
will end (if applicable)
30 How do security holders Not Applicable
sell their entitlements
in full through a broker?
31 How do security holders Not Applicable
sell part of their
entitlements through
a broker and accept
for the balance?
32 How do security holders Not Applicable
dispose of their entitlements
(except by sale through
a broker)?
33 +Issue date Not Applicable
Part 3 -- Quotation of securities
You need only complete this section if you are applying for
quotation of securities
34 Type of +securities
(tick one)
(a) X +Securities described in Part 1
(b) All other +securities
Example: restricted securities at the end of the
escrowed period, partly paid securities that become
fully paid, employee incentive share securities
when restriction ends, securities issued on expiry
or conversion of convertible securities
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing
the information or documents
35 If the +securities are +equity securities, the
names of the 20 largest holders of the additional
+securities, and the number and percentage of
additional +securities held by those holders
36 If the +securities are +equity securities, a distribution
schedule of the additional +securities setting
out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 A copy of any trust deed for the additional +securities
Entities that have ticked box 34(b)
38 Number of +securities Not Applicable
for which +quotation
is sought
39 +Class of +securities Not Applicable
for which quotation
is sought
40 Do the +securities Not Applicable
rank equally in all
respects from the +issue
date with an existing
+class of quoted +securities?
If the additional +securities
do not rank equally,
please state:
* the date from which they do
* the extent to which they participate for the next
dividend, (in the case of a trust, distribution) or
interest payment
* the extent to which they do not rank equally, other
than in relation to the next dividend, distribution
or interest payment
41 Reason for request Not Applicable
for quotation now
Example: In the case
of restricted securities,
end of restriction
period
(if issued upon conversion
of another +security,
clearly identify that
other +security)
Number +Class
42 Number and +class of
all +securities quoted
on ASX (including the
+securities in clause
38)
---------
Quotation agreement
1 +Quotation of our additional +securities is in ASX's absolute
discretion. ASX may quote the +securities on any conditions it
decides.
2 We warrant the following to ASX.
-- The issue of the +securities to be quoted complies with the
law and is not for an illegal purpose.
-- There is no reason why those +securities should not be granted +quotation.
-- An offer of the (+) securities for sale within 12 months
after their issue will not require disclosure under section 707(3)
or section 1012C(6) of the Corporations Act.
Note: An entity may need to obtain appropriate warranties from
subscribers for the securities in order to be able to give this
warranty
-- Section 724 or section 1016E of the Corporations Act does not
apply to any applications received by us in relation to any
+securities to be quoted and that no-one has any right to return
any +securities to be quoted under sections 737, 738 or 1016F of
the Corporations Act at the time that we request that the
+securities be quoted.
-- If we are a trust, we warrant that no person has the right to
return the +securities to be quoted under section 1019B of the
Corporations Act at the time that we request that the +securities
be quoted.
3 We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.
4 We give ASX the information and documents required by this
form. If any information or document is not available now, we will
give it to ASX before +quotation of the +securities begins. We
acknowledge that ASX is relying on the information and documents.
We warrant that they are (will be) true and complete.
Sign here:
........................................................... Date:
18 June 2019
(Director/Company secretary)
Print name: Clint McGhie
== == == == ==
Notice Under Section 708A
Salt Lake Potash Limited (the Company) has today issued
12,641,284 fully paid ordinary shares. The issued shares are part
of a class of securities quoted on Australian Securities Exchange
("ASX").
The Company hereby notifies ASX under paragraph 708A(5)(e) of
the Corporations Act 2001 (Cwth) (the "Act") that:
1. the Company issued the securities without disclosure to
investors under Part 6D.2 of the Act;
2. as at the date of this notice, the Company has complied with
the provisions of Chapter 2M of the Corporations Act as they apply
to the Company, and section 674 of the Act; and
3. as at the date of this notice, there is no information that
is "excluded information" within the meaning of sections 708A(7)
and (8) of the Act.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ALSCKFDPNBKKBAD
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June 18, 2019 02:01 ET (06:01 GMT)
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