ASX-listed Kalium Lakes is hoping to raise A$72-million through an institutional placement and an accelerated non-renounceable entitlement offer to fund the construction of its Beyondie sulphate of potash (SOP) project, in Western Australia, as well as the working capital to first production.
Kalium on Wednesday announced a share placement of up to 35-million new shares to institutional investors, to raise an initial A$17.5-million. The share placement will be priced at 50c a share, representing a 26.5% discount to the company’s last closing share price.