Potash developer Salt Lake has successfully completed the institutional component of it’s a$98.5-million equity raise, with ASX-listed Equatorial Resources taking a A$6-million stake.
Equatorial’s subscription for a further 12-million shares in Salt Lake followed on from an original A$10-million share purchase early in July, with the company telling shareholders on Tuesday that the new subscription was an opportunistic use of available treasury funds, given that Salt Lake’s offer price represented an 18% discount to its last closing price.