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Anglo Pacific to acquire 70% stake in Voisey's Bay cobalt mine for up to $232m
StockMarketWire.com
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Royalty and streaming company Anglo Pacific said it had agreed to acquire a holding company that held a 70% stake in a stream on cobalt production from the Voisey's Bay mine in Canada from private equity sellers for up to US$232 million.
The company said it would the acquisition would be financed through a combination of an equity placing of less than 20% of its shares, the monetisation of a portion of the its Labrador iron ore royalty corporation investment, and a new US$180 million credit facility.
The company also intended to raise up to €8 million by way of an offer to retail investors.
The transaction would provide a 'significant' long-life revenue stream and materially progresses the company's ambition to focus on 21st century commodities, Anglo Pacific said.
At 8:18am: (LON:APF) Anglo Pacific Group PLC share price was 0p at 106.6p
Story provided by StockMarketWire.com
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