The Beyondie mine in Western Australia
ASX-listed Reward Minerals has withdrawn a A$22.8-million rights issue, announced last month, to fund the acquisition of the Beyondie potash of sulphate (SoP) project, in Western Australia.
The company said late on Friday that its board had resolved to withdraw the entitlement offer.
“The share and sale agreement with the receivers and managers of Kalium Lakes to acquire the Beyondie SoP project remains on foot,” Reward said, noting that it was in discussions with the receivers regarding an alternative proposal to acquire the potash project.
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.