8th Aug 2018 11:42
LONDON (Alliance News) - Two Shields Investments PLC said Wednesday that it sold its entire stake in Cobalt Blue Holdings Inc for a 11.26% interest in African Battery Metals PLC.
The company added that on Tuesday it raised its stake in Cobalt to 49% from 25% for a reduced purchase price of USD200,000 in cash. The company then sold the entire raised stake in exchange of an interest in African Battery Metals, an Africa-focused resource company.
Two Shields was issued 15.2 million African Battery shares, valuing its holding in Cobalt at GBP493,864.
Two Shields Chairman Charlie Wood said, "The acquisition of Cobalt Blue Holdings by African Battery Metals is testament to the attractiveness and perceived potential of Cobalt licences."
"As the acquisition is an all share transaction, Two Shields will still have exposure to these highly prospective Cameroonian licences, including potential upside from any future value realisation activity. At the same time, Two Shields gains exposure to African Battery Metals' existing projects and others it plans to acquire which, thanks to African Battery strategy to build a leading battery metals development company, neatly fit with our own investment focus on technology metals."
Two Shields shares were trading down 2.5% at 0.20 pence each.
Separately, African Battery Metals said it raised GBP200,000 via placing of 6.7 million shares at a discounted price of 3p to fund the Cobalt Blue acquisition and another all-share deal to buy Regent Resources Interests Corp.
African Battery shares were trading down 0.6% at 0.032p each.
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