21 August 2018
(The "Company" or “MetalNRG”)
US COBALT PTY LTD SALE UPDATE
MetalNRG plc (NEX:MNRG), the natural resource investing company traded on the NEX Exchange Growth Market in London, is pleased to confirm the completion of the sale agreement (“Agreement”) in respect of its interest in US Cobalt Pty Limited to Tyranna Resources Limited (ASX:TYX).
The announcement released by Tyranna Resources in respect of the transaction can be viewed through the following link:
Under the transaction and subject to shareholder approval as outlined in the above announcement, MetalNRG plc will receive 21,719,457 shares which at the deemed transaction price of A$0.017 equates to a consideration received of A$369,231 or circa £211,327 at current exchange rates.
25% of consideration shares (i.e. 5,429,864 shares) will remain under voluntary escrow for a six month period following the Agreement date.
Rolf Gerritsen, Chief Executive Officer of MetalNRG Plc commented: "I am pleased to confirm the progress achieved in respect of the US Cobalt disposal.
We look forward to final completion of the transaction through shareholder approval and then watching developments at Tyranna Resources as they undertake their work in respect of the US Cobalt interests.
In addition, the bolstering of our balance sheet with this disposal provides additional working capital flexibility at a very important time in the rapid development of the MetalNRG business. With due diligence in full swing on the Arizona, US, Gold Ridge gold mine acquisition and with the uranium project option announced yesterday, MetalNRG is being positioned to become a significant natural resource business. I look forward to releasing further updates in the near term."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Rolf Gerritsen, Chief Executive Officer of MetalNRG, arranged for the release of this announcement. The Directors of the Company accept responsibility for the contents of this announcement.
The Directors of the Company accept responsibility for the contents of the announcement.
MetalNRG PLC Rolf Gerritsen (Chief Executive Officer) +44 (0) 20 7796 9060 NEX Exchange Corporate Adviser PETERHOUSE CAPITAL LIMITED +44 (0) 20 7469 0930 Guy Miller/Mark Anwyl Corporate Broker SI CAPITAL +44 (0) 1483 413500 Nick Emerson
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