21 September 2018
MetalNRG PLC
(The "Company" or “MetalNRG”)
US COBALT PTY LTD SALE APPROVED
MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London, is pleased to confirm the approval, by the Tyranna Resources Limited (ASX:TYX) shareholders, of the sale agreement (“Agreement”) in respect of its interest in US Cobalt Pty Limited to Tyranna Resources Limited (ASX:TYX).
The announcement released by Tyranna Resources in respect of the transaction can be viewed through the following link:
http://tyrannaresources.com/investor-centre/announcements/
Under the transaction, MetalNRG plc will receive 21,719,457 consideration shares in Tyranna Resources which at the deemed transaction price of A$0.017 equates to a consideration received of A$369,231 or circa £211,327 at current exchange rates.
25% of consideration shares (i.e. 5,429,864 shares) will remain under voluntary escrow for a six month period following the Agreement date.
Rolf Gerritsen, Chief Executive Officer of MetalNRG Plc commented: "I am pleased to confirm Tyranna's shareholders approval in respect of the US Cobalt disposal.
In addition to the bolstering of our balance sheet, this disposal provides additional working capital at a very important time in the rapid development of the MetalNRG business".
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Rolf Gerritsen, Chief Executive Officer of MetalNRG, arranged for the release of this announcement. The Directors of the Company accept responsibility for the contents of this announcement.
Contact details:
MetalNRG PLC
Rolf Gerritsen (Chief Executive Officer) |
+44 (0) 20 7796 9060 |
NEX Exchange Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Guy Miller/Mark Anwyl |
+44 (0) 20 7469 0930 |
Corporate Broker
SI CAPITAL
Nick Emerson |
+44 (0) 1483 413500 |
