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Fe Limited's cobalt strategy helps attract new substantial shareholder

SG Hiscock holds 5.28% after acquiring further shares.
Stock market
Drilling is underway at the Democratic Republic of Congo project

Fe Limited (ASX:FEL) has gained a new substantial shareholder with Melbourne-based fund manager SG Hiscock & Company Limited now holding 5.28%.

SG Hiscock became a substantial shareholder after acquiring more than 8.3 million shares for total cash consideration of $250,000 on 28 December 2017.

The purchase has demonstrated confidence in Fe’s exposure to cobalt.

Boutique fund manager

SG Hiscock is a boutique fund manager specialising in Australian equities and property securities.

It was founded in 2001 and its chairman and managing director is experienced investment manager Stephen Hiscock.

Shares hit 12 month high

Fe’s shares hit a 12 month high of $0.076 on 2 January 2018.

In November 2017 Fe shareholders approved the acquisition of Kasombo Copper-Cobalt Project in the Democratic Republic of Congo from Cape Lambert Resources Ltd (ASX:CFE).

Cape Lambert is a major Fe shareholder with 44.66% of the issued capital.

READ: Fe Limited attracts investors to advance cobalt asset in the Democratic Republic of Congo

Fe is undertaking a placement to sophisticated and professional investors at $0.03 to raise up to $1 million before costs.

Funds will be allocated to exploration activities at the Kasombo project.

READ: Fe Limited gets the drill bit spinning at Kasombo Copper-Cobalt Project

Drilling is underway and will cover 300 metres across four holes at Kasombo 5 and five holes at Kasombo 7 in the preliminary program.

The Democratic Republic of Congo holds close to half of the global cobalt reserve base, and is the world's single largest supply source with more than 60%.

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