Ann: Revised Arrangements Agreed with Ebtec, page-38

In these situations "sold" generally means the assets are sold, not the company itself. You would still hold shares in Kalium Lakes Limit, but it would own no assets and not be conducting any kind of business, so it would be essentially worthless. At some point the administrators will officially inform shareholders with an announcement on the ASX what value their shares have, which may be zero. At that point you can book your capital loss for tax purposes.

There are other ways this could go down, although they have become less likely now that receivers have been appointed. It's still possible that a new owner will recapitalise the existing business, but it's very likely that your existing holding would end up diluted down to a fraction of its current value. That will be what the company was talking about in its last update referring to "opportunities to reposition the Company and its capital structure". It might still happen but it would be much more aggressive now.