Reward Minerals Limited (ASX: RWD) (Reward or the Company) wishes to advise that the closing date for the Entitlement Offer announced by the Company to ASX on 10 January 2024 has been extended to allow extra time for eligible shareholders and investors to take up their entitlements under the Entitlement Offer.

The new closing date for the Entitlement Offer is 5.00 pm (WST) on Monday, 5 February 2024. The Company is seeking to raise approximately $22.785 million (before costs) via a pro-rata renounceable entitlement offer of Shares to eligible Shareholders on the basis of 2 new Shares for every 1 Share held on the Record Date at an issue price of $0.05 per new Share together with 1 free-attaching quoted option (exercisable at $0.10 and expiring 3 years from the issue date) (New Option) for every 2 new Shares successfully subscribed for (Entitlement Offer). Further details of the Entitlement Offer are set out in the prospectus lodged by the Company with ASIC on 9 January 2024 and supplemented on 11 January 2024 (Prospectus).

Actions required of Eligible Shareholders

Eligible Shareholders on the record date (being Monday, 15 January 2024) may participate in the Entitlement Offer. The eligibility criteria are set out in the Prospectus, a copy of which was released to the ASX on 10 and 11 January 2024, and made available to Eligible Shareholders, on Tuesday, 16 January 2024. Eligible Shareholders can access their personalised Entitlement and Acceptance forms online at https://investor.automic.com.au.

Proposed Transaction

On 5 December 2023, the Company announced it had entered into a binding share sale agreement (Share Sale Agreement) with Kalium Lakes Ltd (Receivers and Managers Appointed) (Administrators Appointed) (Kalium) (ASX:KLL) for the acquisition of 100% of the issued share capital of Kalium Lakes Infrastructure Pty Ltd (KLI) and Kalium Lakes Potash Pty Ltd (KLP), both of which also currently have Receivers and Managers Appointed and Administrators Appointed (Proposed Transaction). The aggregate purchase price payable by the Company for KLI and KLP (and therefore the Beyondie Project) is $20 million in cash, which is comprised of the $250,000 already paid under the Exclusivity Deed, $14.75 million to be paid at completion of the Share Sale Agreement (Completion), and a deferred amount of $5 million which is not payable until 30 June 2025. The purpose of the current Entitlement Offer is to obtain the funds to finalise the Proposed Transaction. Discussions are underway with the Receivers and Managers regarding the Share Sale Agreement and extending its date for Completion.

Contact:

Email: afrazer@rmcapital.com.au

About Reward

Reward is an ASX-listed advanced-stage sulphate of potash exploration and development company. Reward's flagship is its 100% interest Kumpupintil Lake Potash Project, located east of Newman in north-western Western Australia. The Project hosts Australia's largest high-grade brine SOP deposit in a region with the highest evaporation rate. Reward completed a detailed, conservative Pre-Feasibility Study which was updated with improved logistics in July 2018. An Indigenous Land Use Agreement ('ILUA') is in place with JYAC, the prescribed body corporate for Martu, the traditional owners of the land upon which Kumpupintil Lake is situated. Key environmental approvals are in place and development can commence on completion of final feasibility studies and secondary regulatory approvals. The Company is currently progressing a Cultural Heritage Management Plan required by the ILUA to manage considerations related to cultural landscape characteristics in the project area. Reward is also focused on advancement of its 100% owned Carnarvon Potash Project, located north of Carnarvon in northwestern Western Australia which comprises one Exploration Licence application E09/2763. Reward is also the 100% owner and developer of new processing technology for recovery of high-purity SOP from seawater and other high sulphate brines ('Reward Process'). The Company submitted an Australian Provisional Patent Application (Application Number - 2022902277) for the Reward Process on 11 August 2022 and completed the international application prior to 11 August 2023

(C) 2024 Electronic News Publishing, source ENP Newswire