Australian mineral exploration and development company Salt Lake Potash Ltd. has raised $13 million via the issue of 31 million new shares in the second tranche of its placement.
Salt Lake said that the second round included the issue of 1.7 million shares, consisting a subscription of 950,000 shares by the company’s chief executive officer and 750,000 shares by its chairman.
The company plans to use the proceeds to finance the Williamson Ponds construction and dewatering of the Williamson Pit.
In addition, Salt Lake will also use the funds for the development of on-lake exploration, infrastructure, and feasibility studies as well as for general working capital.