Lake Way Transaction Completed
Lake Way Transaction
The Lake Way Transaction1 with Salt Lake Potash Limited (ASX:SO4) ("Salt Lake Potash") has completed, with Blackham receiving $7 million cash, which is in addition to the $3 million deposit that was received from Salt Lake Potash in July 2019. Salt Lake Potash will also contribute up to a further $10 million to the pre-strip of the Williamson open pit mine, allowing Blackham to expedite the mining of the Williamson open pit and providing Salt Lake Potash with suitable construction material for its Lake Way Sulphate of Potash project. Hartleys Limited and Poplar Legal advised Blackham in relation to the Lake Way Transaction.
Pre-production activities have already commenced at the Williamson open pit in advance of ore production in November 2019, with Williamson then providing the baseload of Blackham's free milling ore for the remainder of FY2020.
Blackham's Executive Chairman, Mr Milan Jerkovic, stated "Completion of the Lake Way Transaction is an important milestone for Blackham, contributing to a strengthened balance sheet as Blackham continues to improve operational performance and achieve ongoing cost reductions to improve operational cash flow".
Share Purchase Plan Update
Blackham reminds eligible shareholders that the Share Purchase Plan ("SPP") Offer to raise up to $3 million is now open, with the closing date for acceptance of applications having been extended to 5pm (EST), Friday 18 October 20192. The SPP entitles eligible shareholders to purchase up to $30,000 worth of shares in the Company at $0.01 per share.
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMX) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 6.4 Moz at a grade of 2.1 g/t Au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
Wiluna Mining Corporation Ltd