Reward hit with $33,000 fine

Perth-based potash exploration company Reward Minerals has been served a $33,000 penalty by the Australian Securities and Investments Commission and has complied with the infringement notice.

ASIC alleged that, between December 2 and December 10 2013, Reward failed to comply with its disclosure obligations under the corporations act and listing rules of the Australian Securities Exchange.

Reward has advised that it will pay the $33,000 fine but is not considered to admit guilt or liability.

Reward’s major exploration site is at Lake Disappointment, located in the north-west of Western Australia.

The company said it would continue to ensure it complies with its continuous disclosure obligations under the Act and listing rules.

Reward’s share price fell by 0.85 per cent to 58 cents as of 12:05pm WST.