Australia's Cobre rises on acquiring remaining stake in UK-based miner

Cobre

16/06/2022 06:53

** Shares of mineral explorer Cobre Ltd  CBE.AX  rise as
much as 10% to A$0.033, marking their biggest intraday pct gain
since June 8
    ** Cobre enters share purchase deed with UK-based natural
resource co Metal Tiger Plc  MTRM.L  to acquire remaining 49%
interest in Kalahari Metals Ltd (KML)  urn:newsml:reuters.com:*:nASX7HbV8R
    ** Says it will acquire 24.5% of shares in KML for a cash
consideration of 750,000 pounds ($911,175.00), increasing its
interest to 75.5%
    ** Says Metal Tiger will grant co a call option for it to
acquire the remaining 24.5% of shares in KML
    ** Adds KML owns the second-largest tenure in Kalahari
Copper Belt in Botswana, which is prospective for copper and
silver
    ** Co proposes to fund the initial acquisition using
available cash reserves
    ** Cobre stock down 68.1% this year, as of last close 

($1 = 0.8231 pounds)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))