Salt Lake Potash has completed first phase of the A$17.6m ($13m) placement with the issue of 30.7 million shares at A$0.43 ($0.30) each. 

The second phase of 10.3 million shares will be issued on 16 June after securing approval of shareholders.

The company plans to call for general meeting with shareholders shortly.

Salt Lake Potash intends to use proceeds from the placement for the planning and initial construction costs of a pilot plant at the Goldfields Salt Lakes Project.

Alongside this, it plans to proceed with ongoing resource investigation and conduct process testwork, engineering and transport studies and working capital.

Salt Lake Potash has nine salt lakes in the Northern Goldfields of Western Australia, which totals more than 4,750km² of granted and application exploration licences.

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"We are working very hard to become the first producer in a sector with outstanding potential."

Earlier this week, the company stated that it has secured commitments from institutional and sophisticated investors in the UK and Australia to subscribe for 41 million new ordinary shares of the company to raise $17.6m.

Salt Lake Potash CEO Matt Syme had then said: “We are very pleased to have successfully put in place the next stage of funding for our exciting Sulphate of Potash Projects in Australia, where we are working very hard to become the first producer in a sector with outstanding potential.

“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.”

Cenkos Securities acted as the bookrunner in the UK and placed a total of 30 million new ordinary shares in the company at a price of $0.31 per share.

Argonaut Securities, which acted as manager to most of the placement in Australia, placed 11 million new ordinary shares in Salt Lake at a price of $0.43 each.