Potash developer Salt Lake Potash will raise A$15-million through the placement of unsecured zero-coupon convertible notes to fund the continued development of its Lake Way project, in Western Australia.
The ASX-listed miner on Thursday said that it had received firm commitments from corporate and institutional investors, with the convertible notes structured as deferred equity with zero coupon and mandatory conversion into equity at the lower of 45c a share or a 5% discount to any future equity raising of at least A$10-million.