Everest Metals to Back Cobold Metals' AU$5 Million Proposed IPO

MT Newswires Live06-25

Everest Metals (ASX:EMC) agreed to back the AU$5 million initial public offering of Cobold Metals in the fourth quarter, according to a Tuesday filing with the Australian Securities Exchange.

Cobold Metals is planning to issue 25 million of its shares at AU$0.20 apiece in its proposed Australian bourse listing.

Following the IPO, Everest Metals will retain an indicative 22.8% equity interest in Cobold Metals, with an implied market value of AU$2.6 million.

Under a binding term sheet, Cobold Metals will fully acquire Everest Metals' Amadeus and Georgina uranium projects in Australia's Northern Territory and the Mukinbudin uranium project in Western Australia. As consideration for the projects, Everest Metals will receive 13 million Cobold Metals ordinary shares and AU$100,000 in cash.

Everest Metals just finalized the purchase of Mukinbudin from Crucible Resources, with the company to pay an initial consideration of AU$50,000 and deferred payments of AU$100,000 in cash and 3.5 million in shares valued at AU$700,000.

The deferred payments will be assumed by Cobold Metals once it successfully lists on the ASX.

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