Salt Lake Potash Limited has appointed receivers after going into voluntary administration earlier today.
Richard Tucker and Craig Shepard of KordaMentha have been appointed as receivers and managers of each company in the group.
The appointments follow Martin Jones, Tom Birch and Hayden White of KPMG being named voluntary administrators this morning.
“The effect of the appointment is that the receivers and manages are now in control of the group’s assets, undertakings and operations,” said a statement.
At the start of this October, Salt Lake claimed it had cash reserves of A$69.4mln to develop its Lake Way prospects in Western Australia.
This was the result of six separate equity capital raisings in the year to June 2021, with the most recent being a A$27mln placement at $0.35 per share.
A statement from the receivers said they will now try to find a buyer for the project, where commissioning of the processing plant was underway according to the most recent trading updates.
“The receivers and managers are conducting an urgent assessment of the company’s financial position as operations continue as usual,” the statement added.
“The receivers and managers will commence a process to market the company and its assets for sale and recapitalisation opportunities in the coming weeks.
“Interested parties should contact the receivers and managers to lodge an expression of interest.”