US Cobalt Sale Agreement

MetalNRG Plc - US Cobalt Sale Agreement MetalNRG Plc - US Cobalt Sale Agreement PR Newswire

22 March 2018

(The "Company" or “MetalNRG”)


MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased to announce that, it has entered into a binding option agreement to sell it's 15.38% stake in private company, US Cobalt Pty Ltd (“US Cobalt”), the owner of Goodsprings Cobalt and Base Metals Project, located in the State of Nevada, USA, to Tyranna Resources Limited (“Tyranna”), an ASX listed exploration company (ASX: TYX).

Tyranna has executed a binding agreement to acquire US Cobalt, which thereby gives Tyranna the exclusive right to acquire 100% of US Cobalt by way of an off-market scrip for a scrip takeover.


-- MetalNRG currently holds 15.38% of US Cobalt Pty Limited and has agreed 
to the sale of its interest to Tyranna Resources Limited (ASX:TYX), a 
Perth based resources company, listed on the ASX securities exchange;

-- Subject to due diligence and transaction completion MetalNRG to receive 
21,719,457 shares in Tyranna, at a nominal value of AU$ 0.017 cents, for 
the full 15.38% interest MetalNRG holds in US Cobalt Pty Ltd;

-- Tyranna has a current market capitalization of AU$14.2 million, and its 
shares are currently trading at AU$ 0.025 cents per share;

-- At the current Tyranna share price MetalNRG’s 21,719,457 TYX shares 
would be valued at AU$542,986 or £300,000 at current exchange rates;

-- MetalNRG has agreed to a 6 months trading hold on 25% of its holding in 

-- Further information on the transaction can be found on the Tyranna web 

Rolf Gerritsen, MetalNRG’s Chief Executive Officer, commented from 
Perth: ““I am delighted to announce this sale agreement in respect of 
our interest in US Cobalt which will add a significant amount to the 
working capital of MetalNRG at an important time in our development and 

Tyranna Resources are in a good position to drive shareholder value 
through the US Cobalt interest and with our shareholding we look forward 
to following the company’s developments.

We now move on to further build our company as outlined in our strategic 
update of 23 February 2018. This is an exciting time for MetalNRG with 
numerous initiatives already underway."

Key Commercial Terms

Terms include:

-- Cash payment of $100,000, for 14-day exclusive option agreement, payable 
to US Cobalt Pty Ltd;

-- Tyranna has 14 days to complete due diligence in respect of the 

-- Tyranna will issue 141,176,470 ordinary shares in Tyranna Resources Ltd 
at deemed price of AU$0.017. The shares will be issued pursuant to 
Tryanna's placement capacity under Listing Rule 7.1 (71,529,796 shares) 
and 7.1A (69,646,674 shares);

-- MetalNRG will receive 21,719,457 of the shares issued representing 
15.38% of the total shares issued;

-- MetalNRG has agreed to a 6 month trading lock-in in respect of 25% of 
Tyranna shares received.

The Directors of the Company accept responsibility for the contents of this announcement.

Contact details

Rolf Gerritsen (Chief Executive Officer) +44 (0) 20 3778 0516

NEX Exchange Corporate Adviser 
Guy Miller/Mark Anwyl +44 (0) 20 7469 0930

Corporate Broker 
Nick Emerson +44 (0) 1483 413500

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