Pala to acquire battery metals company Cobalt 27 for $501 mln
Swiss mining private equity firm Pala Investments has agreed to acquire the issued and outstanding common shares it does not already own of Cobalt 27 Capital Corp (TSX-V: KBLT), a Toronto-based battery metals streaming company. Pala agreed to pay $5.75 per share in cash and stock in a new listed company, Nickel 28 Capital Corp. The deal, expected to close in August, has a total value of $501 million. Nickel 28 will hold Cobalt 27's interest in nickel-cobalt mine Ramu, royalties on future projects, and certain equity stakes. Cobalt 27 was founded in 2017 to create exposure to metals required for electric vehicles and energy storage. It is led by Chairman and CEO Anthony Milewski, a former Pala managing director.
18 June 2019•9 mins read
