Kalium Lakes’ A$50 Million Capital Raise

Thomson Geer acted as Australian legal advisers to Kalium Lakes on the placement.

Australian potash producer Kalium Lakes (ASX: KLL) successfully completed a A$50 million ($37m) capital raise through a two-tranche placement of new fully paid ordinary shares to fund the expansion of its Beyondie Sulphate of Potash Project  (BSOPP) in Western Australia. 

Proceeds from the capital raising will be used to fund the expansion of production at the BSOPP to 120,000 tonnes per annum. The capital raising follows the company’s recent major milestone of achieving its first production of Sulphate of Potash (SOP), a high yield premium fertiliser and the first of its kind to be produced in Australia.

In addition to the capital raise, Kalium will also conduct a share purchase plan (SPP) to raise up to A$10 million, allowing existing shareholders to subscribe for up to A$30,000 worth of additional shares in the company.

Kalium’s largest shareholder, Greenstone Resources, has committed to take up its rights to retain a holding of 19.8% post the offer and SPP under its anti-dilution right.

Macquarie Capital (Australia) Limited and Morgans Corporate Limited acted as joint lead managers to the placement.

Kalium Lakes Limited (ASX:KLL) is a sulphate of potash explorer and developer.

Thomson Geer acted for Kalium with a team led by Marc Wilshaw (Picture) and included senior associate Jonathan Foo and lawyer Ryan Gava.

Involved fees earner: Jonathan Foo – Thomson Geer ; Ryan Gava – Thomson Geer ; Marc Wilshaw – Thomson Geer ;

Law Firms: Thomson Geer ;

Clients: Kalium Lakes Limited;

Author: Sonia Carcano