Pala increases stake in Cobalt 27 with $41 mln investment

Swiss mining private equity firm Pala Investments has invested about $41 million in Cobalt 27 Capital Corp (TSX-V: KBLT), a Toronto investor in cobalt, a key element in electric vehicle and battery energy storage technologies. The investment, made as part of Cobalt 27's $200 million initial public offering, increases Pala's existing stake to about 19.46 percent of issued and outstanding common shares. Reuters recently reported that Cobalt 27's IPO highlights the "burgeoning market for cobalt as the car industry's push toward electric vehicles gathers pace." Cobalt 27 is led by Chairman and CEO Anthony Milewski, a Pala managing director.

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