Kalium Lakes Limited (Kalium Lakes) (ASX: KLL) has successfully completed an oversubscribed $50 million capital raising to fund the expansion of its Beyondie Sulphate of Potash Project (BSOPP) in Western Australia with assistance from Thomson Geer.
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.
Thomson Geer acted as Australian legal advisers to Kalium Lakes on the two-tranche placement to raise $50 million. Thomson Geer is also advising the company on a share purchase plan to raise up to a further $10 million.
Macquarie Capital (Australia) Limited and Morgans Corporate Limited acted as joint lead managers to the placement.
“The successful capital raising is a significant milestone for Kalium Lakes,” said Thomson Geer partner Marc Wilshaw.
“We would like to congratulate the Kalium Lakes Board, Rudolph van Niekerk, Jason Shaw, Gareth Widger and the rest of the team at Kalium Lakes on the capital raising and the company’s first production of SOP and look forward to working with Kalium Lakes in the future and seeing the company continue to grow.”
The Thomson Geer team was led by Marc Wilshaw and included senior associate Jonathan Foo and lawyer Ryan Gava.