Chilean Cobalt Advances NeoRe Acquisition, Secures $1.5M Investment
COBA has more than doubled off its 52-week low of $0.19.
Summary
Chilean Cobalt completed Phase 2 of its earn-in agreement with NeoRe, earning a second 1% NSR royalty (total 2%) and moving to Phase 3 negotiations for a definitive acquisition of 100% of NeoRe for 6 million shares. Madesal, NeoRe's controlling shareholder, made a $1.5 million follow-on investment, aligning interests. NeoRe reported 2,500 meters of drilling, 500 kg of pilot processing, and targets early 2027 for first MREC production. This follows the Q2 10-Q showing a new $375M EXIM LOI and going concern warning; the investment and progress provide positive momentum but the acquisition remains subject to definitive agreement.
At the time of this announcement, COBA was trading at $2.41 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $139.7M. The 52-week trading range was $0.19 to $4.30. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: ACCESS Newswire.