African Battery Metals plc, the exploration company developing projects in strategic battery metals, announced that it has conditionally agreed to make two separate acquisitions, being the entire issued share capital of each of Cobalt Blue Holdings (CBH) and Regent Resources Interests Corp. (RRIC), which hold highly prospective cobalt-nickel exploration assets in Cameroon and Cote dâIvoire respectively.
CBH has entered into a conditional acquisition agreement with each of Cobalt Blue Associates Inc. (CBA) and Two Shields Investments PLC (TSI) pursuant to which the Company has agreed to acquire the entire issued share capital of CBH. The consideration for the acquisition of CBH is to be satisfied by the issue of 31,011,890 Consideration Shares to CBA and TSI on completion, which are subject to lock-in agreement for a period of 12 months from admission.
CBH holds four Cameroon-based nickel-cobalt exploration licences through two 100% owned subsidiaries, LC Exploration Ltd (licences located at Ngoila Nord, Ngoila Est and Ekok) and LC Minerals Ltd (licence located at NâDja). CBH, through its subsidiary LC Exploration Ltd, has also applied for two further Cameroon-based nickel-cobalt exploration licences at Ntam Est and Ngaoundéré.
RRIC has entered into a conditional acquisition agreement with RRCC pursuant to which the Company has agreed to acquire the entire issued share capital of RRIC. The consideration for the acquisition is to be satisfied by the issue of the 32,678,557 Consideration Shares to RRCC on Completion, which are subject to lock-in agreement for a 12 month period f as from admission.
RRIC has entered into an agreement with RRCC, Lagune and Lizetta Holding S.A.R.L. to earn into 70% of the Lizetta II chrome, nickel, cobalt exploration licence (âLizetta-IIâ?) in Côte dâIvoire by expending a total of USD 850,000 on the project till June 2021.
