Do you think most investors read this announcement and thought I better get financial advice?
Luckily I never liked this project or the way they do business and have never invested but I bet there are plenty of retail investors (and non-retail) who got sucked in.
ASXANNOUNCEMENT5 AUGUST 2020
1 Not for release to US wire services or distribution in the United States
LAKE WAY FULLY FUNDED AFTER DEBT FACILITY SIGNED AND UNDERWRITTEN EQUITY RAISING
Salt Lake Potash Limited (SO4 or the Company) is pleased to announce that the Lake Way Project (Project) is fully funded following execution of the US$138m (A$203m1) debt financing package and a fully underwritten equity placement (Placement) and accelerated non-renounceable entitlement offer (ANREO) for A$98.5m at A$0.50/share (Equity Raising).
HIGHLIGHTS
The financing package includes two components:US$138m (A$203m) Syndicated Facility Agreement (SFA) with Taurus Mining Finance
Fund No.2 L.P (Taurus) and the Clean Energy Finance Corporation (CEFC).
A fully underwritten A$98.5m Placement and ANREO at A$0.50/share, representing a 18% discount to the last closing price, and a 16% discount to 5 day VWAP.
In combination, these funds will enable the Company to complete the funding and deliver the Project on schedule, with first Sulphate of Potash (SOP) production expected in the March quarter 2021
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