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African Battery Metals acquires new projects in Cameroon and Cote d'Ivoire

Published: 16:57 08 Aug 2018 AEST

batteries
ABM is raising £200,000 to support its growth plans

African Battery Metals PLC (LON:ABM) has agreed two acquisitions, picking up stakes in private companies Cobalt Blue Holdings Inc (CBH) and Regent Resources Interests Corp (RRIC), which own highly prospective cobalt-nickel exploration assets in Cameroon and Cote d'Ivoire.

The company said the deals will diversify its geopolitical and commodity exposure.

CBH has four prospecting licences in Cameroon, while RRIC has the right to acquire 70% of the Lizetta II cobalt, chrome and nickel project in Cote d'Ivoire.

WATCH: African Battery Metals picks up nickel assets as it diversifies country risk

A conditional placing to raise £200,000 of additional capital to support the company’s portfolio development and its growth – some 6.6mln shares will be issued at 3p per share.

The company will subsequently carry out a capital reorganisation, reducing the number of shares by a factor of 100.

"We are delighted to announce these proposed acquisitions, which are intended to fast-track our strategy to become a significant explorer, developer and ultimately producer of battery metals,” said Roger Murphy, ABM chief executive.

“The proposed acquisitions of two highly prospective nickel and cobalt assets in new jurisdictions complement our existing DRC cobalt projects and give us what the ABM board believes to be an extremely exciting portfolio.”

Murphy added: "With rapid development plans in place to advance the projects up the development curve and build value, we look forward to strengthening the board with experienced specialists in the sector and to gaining key new shareholder support from several recognised and successful mining entrepreneurs with strong international track records including Stephen Dattels and Ian Stalker.

"With the proposed new team, high profile backing and a defined development path for both our existing portfolio and identifying additional opportunities, we believe we have the right platform to build shareholder value and deliver a leading battery metals-focussed resource company."

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