Junior Australian sulfate of potash (SOP) producer Reward Minerals Ltd. has been placed in a trading halt on the Australian Securities Exchange (ASX), at the request of the company, pending the release of an announcement in relation to its proposed acquisition of the Beyondie SOP project and the associated entitlement offer.
The voluntary suspension commenced at the start of trading on Feb. 7 and will remain in place until the earlier of the release of the company announcement or Feb. 12, according to Reward’s Feb. 7 ASX filing.
Reward on Jan. 25 closed a 2-to-1 renounceable entitlement offer seeking to raise A$22.785 million (approximately $15.3 million at current exchange rates) before costs to fund the acquisition of the SOP project, located some 160 kilometers southeast of Newman in Western Australia (GM Jan. 12, p. 30).
The SOP junior in early December signed a binding share sale agreement with McGrathNicol, the receivers and managers of Beyondie’s former developer, Kalium Lakes Ltd., to acquire the project for a total consideration of A$20 million (GM Dec. 8, 2023).