Reward Minerals (ASX: RWD) has raised $4.5 million through a placement of 5 million shares at $0.90 in order to fund the advancement of potash recovery operations at the company’s Lake Disappointment and Lake Mackay Projects in Western Australia.
The company will also use the raised funds to further potash exploration at Reward’s Carnarvon and Adavale buried evaporates targets.
Currently negotiating with Traditional Owner groups, Reward is seeking their approval to continue operations at Lake Disappointment and Lake Mackay.
The placement is being made under the company’s 15% capacity.
Lake Disappointment comprises seven exploration licenses covering 1,600 square kilometres.
Located in Queensland, Adavale hosts a large salt deposit that contains potash in some areas.