You guys all get the email from RWD? Just in my inbox now… Reads well enough given the situation.
Today’s outcome seems a real shame to me especially since the amount of money required to give it go appears quite trifling in comparison to what’s already been thrown at it…
Boom bust WA? No love for the steady approach…
Email below:
Beyondie Transaction Terminated
PERTH, Western Australia (19 March, 2024) - Reward Minerals Ltd (ASX: RWD) Reward advises that, despite an exhaustive effort, it has been unable to secure sufficient funding to complete the acquisition of the Beyondie Sulphate of Potash Project and have adequate working capital available.
To view the ASX announcement released late yesterday click here.
Reward intends to continue advancement of its processing technology toward commercialisation whilst conducting due diligence activities on new projects within the minerals sector for potential acquisition.
Reward CEO Lorry Hughes commented:
"We weren't able to secure funding to complete the deal. We were clearly up against it due to a majority of potential investors wary of the recent failures within the SOP sector. We did receive some very good support from a number of investors that recognise the potential of our technology to transform the SOP business, however it was not enough and not available within the timeframe required.
During our due diligence studies over the last six months we were able to complete a number of laboratory tests on Beyondie brine using our technology and the results were strongly favourable that an alternative processing method would work at the site.
Whilst the current result is disappointing Reward remains interested in the potential of the site."
Next Steps
Over the next two quarters the Company will focus of the following key activities;
Conducting due diligence activities on new projects within the minerals sector for potential acquisition.
Engagement with solar salt, fertilizer, chemical and seawater desalination companies worldwide to discuss the application of Reward’s technology to potential and proposed SOP developments for possible joint venture participation or acquisitions.
RWD Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
