Kalium Lakes Limited (ASX: KLL) (Kalium Lakes or Company) is pleased to announce the successful completion of the retail component of its 5 for 7 accelerated non-renounceable pro-rata entitlement offer (Retail Entitlement Offer) of new fully paid ordinary shares in Kalium Lakes (New Shares) as announced on Thursday, 21 May 2020.

The Retail Entitlement Offer closed at 5:00pm (WST time) on 9 June 2020. Applications equivalent to approximately A$7.8 million at A$0.15 per New Share (Offer Price) were received under the Retail Entitlement Offer, resulting in a take-up rate (including additional New Shares applied for in excess of entitlements) of approximately 64%.

Managing Director, Brett Hazelden, commented: 'It is pleasing to see such a strong take-up of the Retail Entitlement Offer by retail shareholders. We thank all of our investors for the continuing support of Kalium Lakes and the Beyondie SOP Project.'

Approximately 29.4 million New Shares that were not taken up under the Retail Entitlement Offer will be allotted to the underwriter and sub-underwriters of the Retail Entitlement Offer at the Offer Price in accordance with the terms of the underwriting and sub-underwriting agreements.

New Shares issued under the Retail Entitlement Offer will rank equally with existing shares on issue. The New Shares are expected to be allotted on Tuesday, 16 June 2020 and will trade on the ASX on a normal settlement basis from Wednesday, 17 June 2020.

Contact:

Tel: +61 (0)8 9240 3200

Email: info@kaliumlakes.com.au

(C) 2020 Electronic News Publishing, source ENP Newswire