Potash developer Kalium Lakes has raised A$48.8-million through the completion of a share placement and the institutional component of its entitlement offer, to fund the cost-overrun in the construction of its Beyondie sulphate of potash (SOP) project, in Western Australia.
The company last week announced plans for a A$61-million capital raise, consisting of a A$19-million institutional placement and a A$42-million fully underwritten five-for-seven entitlement offer.