TIDMSO4

RNS Number : 4943J

Salt Lake Potash Limited

22 December 2020

 
 22 December 2020   AIM/ASX Code: SO4 
 
 
 SALT LAKE POTASH LIMITED 
-------------------------

First Drawdown of US$105m under the SFA Received

Salt Lake Potash Limited (SO4 or the Company) is pleased to announce that it has satisfied all remaining conditions precedents under the Syndicated Facility Agreement (SFA) to achieve financial close and has received debt funds from the first drawdown of US$105 million.

Debt Financial Close and First Draw

-- As announced on 5 August 2020, the Company has executed the US$138m Syndicated Facility Agreement with Taurus Mining Finance Fund No.2 L.P and the Clean Energy Finance Corporation.

-- Following completion of Tranche 1 of the Placement to raise A$50m (before costs) on 18 December 2020, the Company has satisfied all remaining conditions precedents under the SFA to achieve financial close.

-- Funds representing the first US$105m tranche have been received enabling repayment of the US$45m Bridge Facility and to further the completion of project construction.

TONY SWIERICZUK, Chief Executive Officer

"SO4 is very pleased to have achieved financial close on the US$138m Taurus/CEFC debt facility and to have drawn down the initial tranche of US$105m. This is a substantial milestone in the development of the Company and the Lake Way Project. Drawdown has facilitated the repayment of the Bridge facility which enabled SO4 to progress the project substantially since August 2019. In combination with the recent Placement, these funds will ensure the Company is well financed to deliver the Lake Way Project."

For further information please visit www.so4.com.au or contact:

 
 Tony Swiericzuk / Richard Knights   Salt Lake Potash Limited                    Tel: +61 8 6559 5800 
 Colin Aaronson / Seamus Fricker     Grant Thornton UK LLP (Nominated Adviser)   Tel: +44 (0) 20 7383 5100 
 Derrick Lee / Peter Lynch           Cenkos Securities plc (Joint Broker)        Tel: +44 (0) 131 220 6939 
 Rupert Fane / Ernest Bell           Hannam & Partners (Joint Broker)            Tel: +44 (0) 20 7907 8500

This announcement has been authorised for release by the Managing Director, Mr Tony Swiericzuk.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Forward Looking Statements

This announcement includes forward-looking statements. These forward-looking statements are based on the Company'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 the Company, which could cause actual results to differ materially from such statements. Although the Company believes that its forward-looking statements have reasonable grounds, can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the Company's business (including those described in pages 25 to 29 (inclusive) of the Presentation released to ASX on 11 December 2020), which cause actual results to differ materially from those expressed herein. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, save where required by law or regulation, to reflect the circumstances or events after the date of this announcement.

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END

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December 22, 2020 02:36 ET (07:36 GMT)

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