Salt Lake Potash granted trading halt with capital raising announcement pending

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) (FRA:W1D) has been granted a trading halt by the ASX with an announcement pending in regard to a potential capital raising.

The halt will remain in place until the beginning of regular trade on Tuesday, May 25, or when an announcement is released to the market – whichever occurs earliest.

Confidence in Lake Way Project

Earlier this month, the company has unveiled a change in its board with the resignation of Bryn Jones as a non-executive director, who was appointed to the board in June 2017 is stepping down due to increased work commitments outside of SO4.

SO4 Chief executive officer Tony Swiericzuk said: “I would like to thank Bryn for his contribution to SO4, in particular his technical input during the company’s formative years.

Jones said: “I have thoroughly enjoyed my time at SO4 and am confident that the board, management team and importantly, the Lake Way Project will form the basis of a strong company moving forward in an exciting new industry for Western Australia.”

Final environmental approval

The company recently received its Part IV Environmental Approval for the Lake Way Project in Western Australia covering full-scale operations of 245,000 tonnes per annum of sulphate of potash (SOP).

This permit enables SO4 to finalise the construction of pond trains 4-6 as well as associated trench and bore construction that will support full-scale operations at Lake Way.

Construction of the final components of the on-lake infrastructure will begin this quarter.

The Part IV Environmental submission has been approved by the WA Government, having been recommended by the EPA with no appeals in January 2021.

Story by ProactiveInvestors