Information  X 
Enter a valid email address

MetalNRG Plc (MNRG)

  Print      Mail a friend

Tuesday 06 March, 2018

MetalNRG Plc

Pilbara Palomino Cobalt Licence Application Granted

06 March 2018

MetalNRG PLC

(the "Company" or “MetalNRG”)

Pilbara Palomino Cobalt Project Licence Application Granted

MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased to confirm that one of the Palomino Cobalt Project exploration licence application, over which the Company has the right to acquire 100%, has now been granted.

Information relating to this licence and the investment by the Company in Australian Cobalt and the Palomino Cobalt project was outlined within the Company’s news announcement dated 29 June 2017 with the original transaction information replicated below to assist readers.

Highlights:

•Application for exploration licence E46/1167 now granted by the Western Australia Department of Mines, Industry Regulation and Safety;

•E46/1167 represents an area covering ten graticular blocks or circa 31.9 square kilometres of ground;

•The area covered by the Palomino Cobalt Project

•MetalNRG has the right to acquire 100% of the Palomino Cobalt project, when the licence applications are granted, subject to the issue to the vendors of two million MetalNRG shares;

•MetalNRG is taking the steps to finalise this transaction and is working with our Joint Venture partners to prepare a work programme for next stage exploration;

•Further information will follow shortly via market announcements.

Rolf Gerritsen, MetalNRG’s new Chief Executive Officer, added: “I am delighted to announce the award of this important exploration licence which marks formal commencement of the Company’s first direct project investment.

Cobalt is a highly attractive metal for resource investors.  With the current LME cobalt cash price up 38% since June 2017, at $79,000/t, it is a good time to be investing in new cobalt opportunities.

I look forward to providing further updates to market as we embark on progressing this exciting project.”

Original Transaction Information (updated from 29 June 2017) (except that the block has been revised to “circa 32 square kilometres” instead of “circa 40 square kilometres” as originally stated in the announcement of 29 June 2017”):

“The Palomino Cobalt Project is an exploration block of circa 32 square kilometres in Western Australia covered by exploration licence applications that we understand has been submitted on a first-in-line basis.  The ground is prospective for cobalt and with significant evidence of cobalt mineralisation from surface based exploration work and notably stream sediment sampling.

In addition the Company, with the vendors, will be seeking to secure additional ground in the area of a similar square kilometre footprint with immediate effect to double the area covered by the existing applications. 

To secure the right to acquire 100% of the above licence applications, when they become granted licences and subject to the normal regulatory approvals needed for licence transfers, MetalNRG has agreed to cover the direct costs of the vendor up to circa A$15,000 and to issue one million MetalNRG shares to the vendors at a deemed price of 1.5p per new ordinary MetalNRG share.

Upon granting of the applications MetalNRG will issue a further two million shares to the vendors at a deemed price of 1.5p per new MetalNRG ordinary share.”

On 27 October 20017 it was further announced:

“In recognition of the additional work that has been undertaken by our Australian partner, Redstone Metals Pty Limited (“Redstone”), the Company has agreed to issue 500,000 new ordinary MetalNRG plc shares to Redstone at a deemed price of 1.5p which reflected the share price at the time the work was undertaken.  This is separate and in addition to the original terms agreed for the right to acquire Palomino as outlined above and detailed originally within our announcement of 29 June 2017.

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who acts as Competent Person. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by MetalNRG PLC to provide technical support.”

The Directors of the Company accept responsibility for the contents of this announcement.

This announcement contains inside information for the purpose of Articles 7 of EU Regulation 596/2014.

Contact details:

MetalNRG PLC
Rolf Gerritsen (Chief Executive Officer)

+44 (0) 20 77969060
NEX Exchange Corporate Adviser
PETERHOUSE CORPORATE FINANCE LIMITED
Guy Miller/Mark Anwyl

+44 (0) 20 7469 0930
Corporate Broker
SI CAPITAL
Nick Emerson

+44 (0) 1483 413500

 

a d v e r t i s e m e n t