July 2 (Reuters) - Salt Lake Potash Ltd SO4.AX :
* RECEIVED COMMITMENTS TO RAISE A$15M THROUGH PLACEMENT OF UNSECURED ZERO- COUPON CONVERTIBLE NOTES
* FUNDS WILL ALLOW SO4 TO CONTINUE DEVELOPMENT OF LAKE WAY
* IS IN FINAL STAGES OF COMPLETING DEBT FINANCING REQUIRED TO DELIVER PROJECT FINANCIAL CLOSE AT LAKE WAY
* CONVERTIBLE NOTES HAS MANDATORY CONVERSION INTO EQUITY AT LOWER OF 45C/SHARE OR 5% DISC TO FUTURE EQUITY RAISING OF AT LEAST A$10M