TIDMCOBR
RNS Number : 4085T
Cobra Resources PLC
14 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
14 November 2023
Cobra Resources plc
("Cobra" or the "Company")
Acquisition of Remaining 25% of Wudinna Gold and Rare Earth
Project
&
Launch of Placing to Raise c.GBP1 Million via Accelerated
Bookbuild
Cobra , an exploration company focused on the Wudinna Gold and
Rare Earth Project in South Australia, is pleased to announce an
agreement with Andromeda Metals (ASX: ADN) ("Andromeda") pursuant
to which Cobra will acquire the remaining 25% of the Wudinna Gold
and Rare Earth Project (the "Wudinna Subdivision and Sale
Agreement") for GBP260,050 in cash ("Cash Consideration") and the
issue of approximately 52,010,000 new ordinary shares in Cobra at a
price of 1 pence per share ("Consideration Shares").
Pursuant to the Wudinna Subdivision and Sale Agreement, Cobra's
wholly owned subsidiary, Lady Alice Mines Pty Ltd ("LAM") will
acquire all the exploration rights in the relevant tenements held
by Andromeda's subsidiary Peninsula Resources Pty Ltd ("Peninsula")
by Peninsula relinquishing existing tenement rights and LAM
applying for the grant of new tenements over the areas. The partial
surrender process is a preferred process for acquisition as the
granting of new tenements resets the tenement clocks, enabling
renewals of up to a further 18 years.
In conjunction with the Wudinna Subdivision and Sale Agreement,
Cobra announces that it is proposing to raise up to GBP990,000,
before expenses, by way of a placing (the "Placing") of up to
99,130,000 new ordinary shares of 1 pence each in the capital of
the Company (the "Placing Shares") (being the Company's maximum
available headroom under its existing authorities to issue and
allot shares), at a price of 1 pence per Placing Share (the "Issue
Price"). Each Placing Share will be issued with a warrant attached,
with an exercise price of 2 pence (the "Warrants"). Any exercise of
the Warrants will be subject to the approval of shareholders at a
General Meeting (as explained below).
Proceeds from the Placing will be used to satisfy the Cash
Consideration and the execution of the Company's planned work
programme to advance the Boland ionic rare earth discovery.
The Placing Shares are being offered by way of an accelerated
bookbuild process (the "Bookbuild") which will be launched
immediately following the release of this announcement. SI Capital
is acting as lead bookrunner in connection with the Placing. The
Company has received commitments from the original vendors to Cobra
of the Wudinna Gold and Rare Earth Project in 2019 (the "Former
Lady Alice Unitholders") to subscribe, in cash, for approximately
60% of the Placing, thereby increasing their combined ownership of
Cobra from 26.99% to up to 29.99%. In total, the Former Lady Alice
Unitholders have committed to invest GBP606,000 subject to the
issue of the Consideration Shares to Andromeda (to ensure their
aggregate holdings in the Company do not exceed 29.99%).
A further announcement will be issued with the results of the
Bookbuild. A circular convening a General Meeting for the purposes
of, inter alia, approving the issue of the Consideration Shares and
granting authority to issue the shares into which the Warrants may
covert, will be published in due course. The admission to trading
of the Consideration Shares will also be conditional upon the
publication of a secondary prospectus by the Company.
Rupert Verco, CEO of Cobra, commented :
"We are delighted to have concluded an agreement to acquire the
remaining 25% of the Wudinna Gold and Rare Earth Project from
Andromeda. Andromeda will retain an ongoing interest by way of a
shareholding in Cobra while enabling them to focus on bringing
their Great White Kaolin mine into production. Cobra can progress
the project, which includes Australia's only ionic rare earth
discovery with in situ recovery potential, as the sole owner and
dominant holder of palaeo-channel ground in the region.
We are pleased with the strong commitment demonstrated by the
original Wudinna vendors effectively underwriting a majority of the
Placing. They recognise the opportunity the market is yet to
appreciate that is presented by a confirmed, scalable ionic rare
earth occurrence which lends itself to a low cost, low impact
mining method, on a project underpinned by a dual and complementary
gold and rare earth resource.
We look forward to advancing our ionic rare earth discovery
through in situ recovery concept advancement, demonstrating scale,
building on outstanding metallurgy, and advancing our commercial
strategy."
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
+44 (0)1483 413 500
Shard Capital Partners LLP (Joint
Broker)
Erik Woolgar
Damon Heath +44 (0)20 7186 9952
Vigo Consulting (Financial Public
Relations)
Ben Simons
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was
Rupert Verco, Managing Director of the Company.
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna
Gold and Rare Earth Project in South Australia's Gawler Craton, a
tier one mining and exploration jurisdiction which hosts several
world-class mines. Cobra's Wudinna tenements totalling 1,832 km(2)
, and other nearby tenement rights totalling 1,429 km(2) , contain
highly desirable and ionic rare earth mineralisation, amenable to
low-cost, low impact in situ recovery mining, and critical to
global decarbonisation.
Cobra's Wudinna tenements also contain extensive orogenic gold
mineralisation and are characterised by potentially open-pitable,
high-grade gold intersections, with ready access to infrastructure.
Cobra has 22 orogenic gold targets outside of the current 279,000
Oz gold JORC Mineral Resource Estimate, and several iron oxide
copper gold (IOCG) targets.
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LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
Twitter: https://twitter.com/Cobra_Resources
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END
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November 14, 2023 11:30 ET (16:30 GMT)
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