Reward Minerals Ltd (ASX:RWD) has secured commitments from sophisticated and professional investors to raise $2.3 million in a share placement, offering more than 38 million shares at $0.06 each together with one free attaching option.
Funding will go to a new engineering scoping study for a sulphate of potash (SOP) project in Western Australia using RWD’s processing technologies and the Beyondie Potash Plant components to be acquired by Reward.
The company will also continue to engage with solar salt, fertiliser and seawater desalination companies worldwide to explore applications of RWD’s proprietary technology and proposed SOP developments for possible joint venture agreements.
Transforming into pioneering SOP producer
“The strong support for this placement from investors is an endorsement of the potential for the proposed acquisition of the Beyondie Potash Plant and our new processing technology to positively impact the global potassium sulphate (SOP) industry,” Reward Minerals CEO Lorry Hughes said.
“The company believes that the proposed acquisition of the Beyondie Potash Plant is a key stepping stone for the company to transform into one of the world’s most advanced SOP producers.
“An engineering scoping study for SOP recovery at the Carnarvon Potash Project in September 20231 defined a robust long-life project and now with the Beyondie acquisition potentially in our sights, we envision a significantly reduced capital cost for project development.
“On behalf of the Reward board of directors, I would like to thank investors for their commitments.”
Reward’s flagship is its 100%-owned Carnarvon Potash Project, just north of Carnarvon in north-western Western Australia.
The company is also the 100% owner and developer of new processing technology for recovery of high-purity SOP from seawater and other high sulphate brines.
Read: Reward Minerals prepares to patent potassium sulphate processing technology following IPEA support