Reward Minerals, an Australian potash focussed on the exploration and development of Potash resources, has announced its 3Q18 results.
Expenditure by reward during the September 2018 quarter was AUS$1.06 million, with net cash at the end of the period being approximately AUS$5.5 million.The company owed its strong cash position to the successful completion of a 1 for 5 non-renounceable rights issue which closed in August 2018 and receipt of AUS$1.83 million R&D rebate funds.
Based on share registry calculations, there was a small shortfall of 1.129 million New Shares and 564 835 New Options. A further 313 253 New Shares and 156 627 New Options were subsequently placed, leaving the shortfall at 816 418 shares and 408 175 New Options respectively.
As a priority and in line with the prospectus, the short-term loan from Reward’s Director, Dr Michael Ruane was repaid, in two tranches. In September, the company was pleased to welcome Mr Ron Chamberlain to the team as part-time CFO. Mr Chamberlain, who currently also serves as Vimy Resources’ CFO and Company Secretary, has over twenty-five years’ experience in the resources industry as a finance professional. He has held a number of senior executive roles in the resources industry, including being the inaugural CFO for Paladin Energy, playing a key role in funding the development of the Langer Heinrich and Kayelekera projects.
Mr Chamberlain has also been involved in other resource project development financings and acquisitions in Australia, Africa, North America, and Asia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a Fellow of the Chartered Accountants Australia and New Zealand.
Read the article online at: https://www.worldfertilizer.com/special-reports/14112018/reward-minerals-releases-its-3q18-results/