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African Battery Metals to acquire Cobalt Blue, Regent Resources Interests

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African Battery Metals to acquire Cobalt Blue, Regent Resources Interests

African Battery Metals PLC outlined plans to acquire Cobalt Blue Holdings Inc. and Regent Resources Interests Corp. and related cobalt-nickel exploration assets in Cameroon and Cote d'Ivoire.

Cobalt Blue Holdings has four prospecting licenses in Cameroon and two applications, while Regent Resources Interests has a 70% option on the Lizetta II cobalt-chrome-nickel property in Cote d'Ivoire, according to an Aug. 8 release.

To acquire Cobalt Blue Holdings, African Battery Metals will issue 31,011,890 shares to Cobalt Blue Associates Inc. and Two Shields Investments PLC. To acquire Regent Resources Interests, the AIM-listed company will issue 32,678,557 shares to Regent Resources Capital Corp.

As part of the deal, two nonexecutive directors will be appointed to the company's board, including one nominated by Regent Resources Capital.

African Battery Metals plans to engage with the government of Cote d'Ivoire to reassess the planned work program for Lizetta-II. The company is also planning a £200,000 financing after a capital reorganization aiming to reduce its shares by a factor of 100.

The acquisitions are subject to all resolutions being passed at a general meeting scheduled for Aug. 28, with the consideration shares expected to be admitted for trading the next day.

The company changed its name from Sula Iron & Gold in January to reflect a new strategy targeting cobalt and other battery metals.