Reward Minerals (ASX:RWD) has lodged a notice of meeting on 16 December 2024 for shareholders to approve the Beyondie Potash Plant acquisition, which is located in Western Australia.
On 30 September, the company entered into a binding asset sale agreement to acquire the Beyondie Plant for $2.13 million.
Once the $19.72 million market capitalisation company will manage care and maintenance activities at the site until it is able to relocate the plant.
Reward will be responsible for dismantling and removing the assets from the plant area and rehabilitating the plant and facilities area.
Prior to the meeting, shareholders will be contacted and supplied with a personalised proxy form to vote on key resolutions. These resolutions include approving the plant acquisition and approving for Executive Director Michael Ruane to participate in the second tranche of the share placement to raise $2.3 million.
A key component of the notice of meeting is the independent expert report, which provides an opinion as to whether the proposed transaction is fair and reasonable to Reward shareholders.
The independent expert has determined that in its opinion the transaction is fair and responsible for shareholders.
The Beyondie Potash Plant is located 160km south-east of Newman, Western Australia and was previously part of the Beyondie Potash Project, which was constructed between 2020-22 and operated by Kallium Lakes (ASX:KLL) up until administrators, receivers and managers were appointed in 2023.
Reward Minerals is a sulphate of potash explorer and developer focused on its flagship Carnarvon Potash Project which lies in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Reward Minerals
