23rd Dec 2019 15:21
(Alliance News) - Cobra Resources PLC on Monday said its shares will be readmitted to trading in early January as it looks to complete its reverse takeover of Australian firm Lady Alice Mines Pty Ltd.
Cobra, which floated in November 2018 as a cash shell, said it has raised GBP613,000 as part of the reverse takeover of Lady Alice.
Lady Alice has a 100% interest in the Prince Alfred Licence, a mine in Australia which formerly produced copper. It also has a 75% interest in five gold exploration tenements in Wudinna, also in the state of South Australia.
Cobra Director Craig Moulton said: "We are excited that the company's shares will be trading again as soon as the final regulatory approvals are completed. We are all very keen to begin our exploration programme at Wudinna, which will commence very early in the new year."
Under AIM rules, shares in Cobra are currently suspended from trading, due to the acquisition of Lady Alice being deemed as a reverse takeover.
By Eric Cunha; [email protected]
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