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Kalium Lakes to raise $72M for Potash project, WA

Mining
ASX:KLL      MCAP $50.79M
24 July 2019 00:44 (AEST)

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Kalium Lakes will be launching a $72 million raising to fully fund it’s Beyondie project in Western Australia.

The $72 million will be raise by a Placement and an Entitlement Offer with a price of 50¢ per share.

The Placement will include 35 million new shares in Kalium Lakes to raise approximately $17.5 million.

The pro-rata non- renounceable Entitlement Offer of up to 109 million new shares to raise approximately $54.6 million.

Under the Entitlement Offer eligible shareholders will be invited to subscribe for one new share for every 2.19 existing shares.

The funds will go to the Beyondie Project construction which will be Australia’s Sulphate of Potash (SOP) producer and is scheduled for its first production in 2020.

The Beyondie Project is located 160km south east of Newman in Western Australia. The Project will have a mine life of up to 50 years.

The project aims to have a low cost and high margin SOP fertiliser.

SOP has a very high potassium content, this makes it ideal to grow flowers and fruit. The product also helps to ripen and strengthen plants.

Beyondie currently has 15 granted exploration licenses, two mining leases and several miscellaneous licences over an area of 2,400 square kilometres.

Kalium Lakes is an exploration and development company with a head office in Perth, Western Australia.

Managing Director Brett Hazelden is happy with how the project is going and is excited for the next year.

“A huge amount of effort has gone into getting this project to where it is today and I am incredibly proud of the work undertaken to date by the Kalium Lakes’ team,” he said.

The company is currently working towards the development stage of the project.

“We now move into the critical development phase, so that we can begin production and deliver substantial value from this world class, low cost
and high margin SOP asset for our shareholders,” Brett added.

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