Completion of Due Diligence for Botswana Acquisition
Sydney, Nov 20, 2020 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to announce the successful completion of the due diligence period under the Heads of Agreement the Company executed with, among others, Metal Tiger plc (LON:MTR), for the proposed scrip-based acquisition of up to a 51% interest in the equity of Kalahari Metals Limited (KML) (the Transaction).
KML owns the second largest tenure holding in the Botswana portion of the Kalahari Copper Belt after ASX listed company Sandfire Resources Limited (ASX:SFR).
The Transaction remains subject to finalising transaction documents, receipt of relevant regulatory approvals and approval by Cobre shareholders at an Extraordinary General Meeting which is expected to occur in early 2021.
Cobre looks forward to providing further market updates on the Transaction as future material developments occur.
About Cobre Limited
Cobre Limited (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.
Sandfire Resources Ltd
Metal Tiger plc