ASX RELEASE
19 June 2015
ASX CODE
RWD
SHARE PRICE
$0.80
SHARES ON ISSUE
119.0 M
OPTIONS
24.1M ($0.25 - $1.09)
MARKET CAPITALISATION
$95.2M (undiluted)
CASH POSITION
~$9.0M
(Mar'15 Qtly +Capital Raising)
DIRECTORS & MANAGEMENT
Colin McCavana
Chairman
Rod Della Vedova
Non-Executive Director
Michael Ruane
Managing Director
Daniel Tenardi
Projects Director
Paul Savich
Corporate Development Officer
Bianca Taveira
Company Secretary
KEY PROJECTS
LD Project Karly Project Dora Project
HEAD OFFICE
Reward Minerals Ltd
159 Stirling Highway
Nedlands WA 6009
PO Box 1104
Nedlands WA 6909
ACN 009 173 602
ABN 50 009 173 602
Reward raises $5.25 million for the advancement of the LD Potash Project
Highlights
$5.25 million raised in a well supported share placement to existing and new institutional and sophisticated investors.
Reward now holds approximately $9 million in cash providing funding for accelerated core and bore drilling programs as well as the advancement of feasibility studies.
Reward Minerals Limited ("Reward" or the "Company") advises that it has successfully completed the placement of 7,291,667 fully paid ordinary shares to institutional and sophisticated investors raising $5.25 million. The placement was well supported, reflecting the increasing level of interest in the LD Project with resource expansion drilling and Definitive Feasibility Studies in progress.
The placement of 7,291,667 shares will be issued under the Company's 15% capacity under listing rule 7.1 and was undertaken at a price of 72 cents per share. This represents a 9.1% discount to the 5 day volume weighted average share price of Reward shares to 16
June 2015.
Reward's Managing Director Michael Ruane commented: "We are delighted by the strong level of interest and support shown for our development activities at the LD Project. The Company firmly believes that it is developing a world-class SOP deposit at LD, a view which is shared by the investors who have taken part in this capital raising. Following completion of the placement Reward is in a strong financial position to accelerate its activities. These activities include resource expansion drilling on the lake, conducting substantial brine flow and recovery testing which will form the basis of a detailed hydrogeological model, and completion of a Feasibility Study for the LD Project."
Euroz Securities acted as Lead Manager to the placement. BW Equities acted as Co- Manager.
Yours faithfully,
Michael Ruane
Director
on behalf of the Board
T: 08 9386 4699
F: 08 9386 9473
E: [email protected]
For further information please contact:
Michael Ruane
Managing Director
+61 8 9386 4699
Paul Savich
Corporate Development Officer
+61 8 9386 4699
www.rewardminerals.com