July 23 (Reuters) - Salt Lake Potash Ltd SO4.AX :
* ACQUIRES STRATEGIC LAKE WAY TENEMENT PACKAGE
* ANNOUNCES INSTITUTIONAL PLACEMENT TO RAISE A$7.4M AT $0.70 TO FUND MAJORITY OF ACQUISITION COSTS
* CO WILL PAY TOTAL CONSIDERATION OF A$10 MILLION, INCLUSIVE OF A$500,000 PAYABLE UNDER SPLIT COMMODITY AGREEMENT
* ACQUISITION TO PROVIDE SIGNIFICANT SYNERGIES FOR LAKE WAY PROJECT
* ENTERED AGREEMENT WITH BLACKHAM RESOURCES TO ACQUIRE STRATEGIC PACKAGE OF TENEMENTS AND ACCESS TO POWER,PROCESS WATER RIGHTS