Thomson Geer is pleased to have advised Kalium Lakes Ltd (ASX:KLL) on its successful A$22 million placement to progress the ramp-up of its Beyondie Sulphate of Potash Mine (BSOPM) in Western Australia. Kalium Lakes is a Sulphate of Potash (SOP) producer at the BSOPM in Western Australia.
The capital raising follows the announcement of first commercial sales of SOP from the BSOPM (Australia’s most advanced SOP project), with commercial grade SOP being delivered to CSBP, a leading local WA fertiliser producer and distributor. Kalium Lakes’ standard grade SOP is expected to find its way to local WA farmers for the 2023 season, reducing the reliance on imported SOP.
Proceeds from the capital raising will be used to provide working capital for Kalium Lakes’ production ramp-up with the company targeting a production run-rate of 80 ktpa in Q1CY23 and expansion to 120 ktpa by Q3CY2024.
Thomson Geer also advised Kalium Lakes on the accompanying share purchase plan offer to shareholders to raise up to an additional A$8 million.
The Thomson Geer team was led by Partner Marc Wilshaw, who said: “We would like to congratulate Len Jubber, Jason Shaw and the Kalium Lakes team on their successful capital raising and look forward to seeing the company continue to strengthen its position as Australia’s first domestic producer of SOP.”
Marc was supported by Special Counsel Cameron Bill, Senior Associate Jonathan Foo and Lawyer Sarah Urquhart. Morgans Corporate Limited acted as lead manager to the placement.
Thomson Geer also advised Kalium Lakes on an oversubscribed A$50 million capital raising last year.