Salt Lake Potash Ltd. has secured binding commitments for a further A$45.5 million of funding for its Lake Way potash project in Western Australia.

The company is raising A$23.5 million via the issuance of 33,571,429 common shares at 70 Australian cents per share in December 2019 and January 2020.

Meanwhile, Taurus Funds Management extended its stage-one debt facility by a further US$15 million, to A$22 million.

The debt facility is part of the Lake Way project's US$150 million project financing.

Salt Lake said Dec. 6 that the funding will help it continue with continue project development, including stage-two on-lake construction and start process plant construction in early 2020.

A bankable feasibility study unveiled in October for Lake Way outlined a post-tax net present value, discounted at 8%, of A$479 million, a 28% internal rate of return and a 3.5-year payback period.

Development capital is expected to total A$254 million, including A$21 million for contingency.