Reward Minerals Ltd (ASX:RWD) entered into a binding share sale agreement to acquire Kalium Lakes Infrastructure Pty Ltd and Kalium Lakes Potash Pty Ltd from the receivers and managers of Kalium Lakes Limited (ASX:KLL) for AUD 20 million on December 5, 2023. The consideration includes AUD 0.25 million of exclusivity payment already made, AUD 14.75 million upfront cash payment and AUD 5 million of final payment to be paid by by June 30, 2025. The consideration of AUD 14.75 million is expected to be funded via the entitlement issue. The transaction is conditional on approval and execution of deeds of company arrangement between each of Kalium Lakes and Kalium Lakes Potash and their respective administrators, reward obtaining shareholder approval in respect of the acquisition and reward completing an equity capital raising of AUD 22.785 million. The end date for completion of the share sale agreement is January 30, 2024.

Reward Minerals Ltd (ASX:RWD) cancelled the acquisition of Kalium Lakes Infrastructure Pty Ltd and Kalium Lakes Potash Pty Ltd from the receivers and managers of Kalium Lakes Limited (ASX:KLL) on March 18, 2024.