6 April 2018
(The "Company" or “MetalNRG”)
US COBALT PTY LTD SALE UPDATE
MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London, is pleased to inform that the due diligence on US Cobalt Pty Ltd (“US Cobalt”), owner of Goodsprings Cobalt and Base Metals Project, located in the State of Nevada, USA, has now been successfully completed by Tyranna Resources Limited (“Tyranna”), an ASX listed exploration company (ASX:TYX).
The parties (MetalNRG, Tyranna and US Cobalt) will now work together to satisfy all conditions precedent which includes the drafting of the sale and purchase agreement.
MetalNRG to receive 21,719,457 shares in Tyranna at a nominal value of AU$ 0.017, for the full 15.38% interest MetalNRG holds in US Cobalt.
Tyranna is a Perth based resources company, listed on the ASX securities exchange, with a market capitalisation of AU$ 9.36 million, and its shares are currently trading at AU$ 0.025 per share, 32% above the nominal value MetalNRG has agreed to for consideration in its US Cobalt interest.
MetalNRG has agreed to a 6 months trading hold on 25% of its holding in Tyranna. No other limitations have been entered into.
Further information on the transaction can be found on the Tyranna web site, http://www.tyrannaresources.com/
The Directors of the Company accept responsibility for the contents of this announcement.
Rolf Gerritsen (Chief Executive Officer)
+44 (0) 20 3778 0516
|NEX Exchange Corporate Adviser
PETERHOUSE CORPORATE FINANCE LIMITED
Guy Miller/Mark Anwyl
+44 (0) 20 7469 0930
+44 (0) 1483 413500