Diversified miner Kingsgate has taken up $46 million from interested shareholders in an institutional placement and plans to use its newfound capital to fund commissioning for plants and facilities.
AIM and ASX listed company Salt Lake Potash Limited ( SO4 or the Company ), announces its interim results for the half-year ended 31 December 2020. The Company s primary focus is the development of its Lake Way Project (the Project) near Wiluna, Western Australia. On December 31 2020, the total project was 81% complete and the process plant 88% complete on an earned value basis with first SOP production expected in Q4 2021. The Company s long-term plan is to develop an integrated SOP operation producing from several Western Australian salt lakes. Achievements during the half year ended 31 December 2020 included: Process Plant construction significantly advanced At December 31st, 2020 the Process Plant was 88% complete on an earned value basis with site concrete work (including additional NPI and bagging infrastructure) 94% complete, structural steel 80% complete and tanks/vessels 81% complete
December 2020 Quarterly Report Salt Lake Potash Limited (SO4 or the Company) is pleased to present its Quarterly Report for the period ending 31 December 2020. The Company is focussed on transitioning from developer to producer at the Lake Way SOP Project in Wiluna, Western Australia, as it looks to complete construction and commence commissioning the Process Plant in the current quarter. Quarterly Report Highlights Project Financial Close delivered · Financial Close for the Lake Way Project was achieved in December with an equity financing including a A$52m share placement and A$5m Share Purchase Plan (subsequently upsized to A$8m on strong demand), priced at A$0.40 per new share. Following completion of the placement the Company drew the first US$105m tranche of the US$138m Taurus/CEFC debt facility with US$45m used to repay the Taurus Bridge Facility.