SMM6, 19 March: a few days ago, Pala Investments agreed to buy battery metals company Cobalt 27 for C $501 million, which is expected to be completed in August.
Shareholders of the original Cobalt 27 can receive C $5.75 per common share in the form of cash and stock at the new listed company Nickel 28.
Nickel 28 will hold a joint venture interest in Cobalt 27 in the Ramu nickel-cobalt mine in Papua New Guinea, as well as concessionary investment rights in future projects such as Turnagain and Dumont in Canada, including a partial stake in Giga Metals, as well as initial operating capital of $5 million.
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