Salt Lake Potash Limited (“the Company”) wishes to advise that a General Meeting of the Company will be held at the Conference Room, Ground Floor, BGC Centre, 28 The Esplanade, Perth, Western Australia on Monday 11 June 2018 at 10:00am (WST).
The business of the meeting will be to approve the adoption of a new Company Constitution and seek approval to vary the terms of existing Performance Rights and Performance Shares.
The Company’s primary focus is to construct a Demonstration Plant, before expanding to full-scale production at the Goldfields Salt Lakes Project (GSLP), intended to be the first salt-lake brine SOP production operation in Australia.
The Company has selected GSLP’s lakes for scale and potential brine volume, known hypersaline brine characteristics, potential for both shallow trench extraction and from deeper paleochannel aquifer bores, large playa surface for cost-effective evaporation pond construction and proximity to the important transport and energy infrastructure and engineering expertise available in the Western Australian Goldfields. While proceeding with pre-feasibility study technical work for Lake Wells, the Company has also completed initial work across all of the other regional lakes in the GSLP.
As a result of the Company’s work on regional lakes, the Company identified an opportunity at Lake Way. This lead to the Company executing a Memorandum of Understanding (MOU) with Blackham Resources Limited (Blackham) to investigate the potential development of a SOP operation based at Lake Way, near Wiluna.
The strategic decision to shift focus to Lake Way resulted in the Company’s resources being focused on Lake Way. The Directors of the Company believe that of participants of the Performance Rights Plan and the Vendors should be not be directly affected by decision of the Company to shift to Lake Way and seek approval for an extension on the pre-feasibility study and definitive feasibility study milestones by six months.
Equally, the proposed variations will ensure that the Company can explore and exploit the valuable commercial opportunity under the MOU, without the additional burden of attempting to complete the pre-feasibility study and definitive feasibility study before the original expiry dates.
The Company is also proposing to adopt the new Company Constitution to reflect changes to the Australian Corporations Act, the ASX Listing Rules and other regulatory requirements since the Company adopted its current Constitution in 2006.
The Notice of General Meeting was sent to shareholders today and is available for download on the Company’s website: www.saltlakepotash.com.au
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