Great RNS26 Jul 2019 10:19
Great RNS
Highlights:
· MTR has executed the Term Sheet, which, subject to the satisfaction of certain conditions precedent, will allow MTR to invest an initial A$500,000 for approximately 15% of Cobre and a further A$2,000,000 as part of an IPO fundraise, expected to complete within the next 12 months, to achieve an approximate aggregate 19.99% shareholding upon listing.
· MTR has issued Cobre 1,658,720 new ordinary shares of 0.01 pence each in the capital of the Company ("Ordinary Shares") at a price of 1.45 pence per share (the "MTR Shares") in consideration for Cobre granting MTR an exclusivity period of 30 days in which to complete due diligence and implement formal documentation;
o MTR has already completed a substantial amount of due diligence and is pleased to obtain exclusivity given the strong level of interest in the market to invest in the Project.
· On completion of an IPO, MTR will obtain a right to appoint a nominee director to the Board of the Cobre IPO entity.
· Circa 1,000m RC drilling programme at Perrivale intersected very high grade volcanogenic massive sulphide (VMS) base metal and gold mineralisation at shallow depth;
o The best assayed result was 5m @ 9.8% Cu, 3.2g/t Au, 34g/t Ag, 3.1% Zn.
· Preliminary ground EM survey completed at Perrinvale.