Defunct potash company Kalium Lakes said on Tuesday that its receivers expect the sale transaction with Reward Minerals to conclude by the middle of next month.
In a statement to the ASX, Kalium stated that receivers Rob Brauer, Jason Preston and Rob Kirman were working with Reward to amend the share sale agreement and deed of company arrangement for the proposed sale of Kalium Lake Potash and Kalium Lake Infrastructure.
These amendments were to reflect that completion of the transaction might no longer rely on Reward’s entitlement offer.
Reward on Friday said its board had resolved to withdraw its A$22.8-million entitlement offer, which was announced last month to fund the acquisition of the Beyondie potash of sulphate project, in Western Australia.
Reward stressed, however, that the SSA with the receivers and managers of Kalium Lakes to acquire the Beyondie project remained on foot.
The receivers of Kalium Lake started negotiations with Reward in November last year, having been forced back to the drawing board after Agrimin terminated a share sale agreement for the struggling potash company.