Swiss mining private equity firm Pala Investments has acquired about $19 million worth of common shares in Cobalt 27 Capital Corp (TSX-V: KBLT), a Toronto-based electric metals investment vehicle.
The deal increases Pala’s interest in the company to about 18.5 percent.
Established in 2017, Cobalt 27 invests in metals key to technologies of the electric vehicle and battery energy storage markets. It is led by Chairman and CEO Anthony Milewski, a Pala managing director.
In January, Cobalt 27 agreed to acquire Highlands Pacific Ltd, an Australian mining company.
Pala Increases Investment in Cobalt 27
TORONTO, Feb. 26, 2019 /CNW/ – Pala Investments Limited (“Pala”), a multi-strategy investment company focused on the mining and metals value chain, announced today it has increased its investment in Cobalt 27 Capital Corp. (TSXV: KBLT) (“Cobalt 27”). Pala has acquired an additional 5,000,000 common shares of Cobalt 27 at prices of $3.65 and $4.00 per common share for an aggregate purchase price of $18,950,000 (or an average of $3.79 per common share) over the facilities of the TSX Venture Exchange.
Immediately prior to the acquisitions, Pala held 10,726,582 common shares representing a securityholding percentage of approximately 12.65% (based on 84,815,780 common shares outstanding). Pursuant to the acquisitions, Pala acquired 5,000,000 common shares. Immediately following the acquisitions, Pala holds 15,726,582 common shares representing a securityholding percentage of approximately 18.54%, an increase in its securityholding percentage of approximately 5.89%.
Pala has acquired these securities for investment purposes and may increase or decrease the investment in the securities of Cobalt 27 or pursue certain other actions depending on its evaluation of the business, prospects and financial condition of Cobalt 27, the market for Cobalt 27’s securities, general economic and tax conditions and other factors.
All monetary amounts are stated in Canadian dollars.
Pala is an investment company focused exclusively on the mining sector with a strong track record of successful investments and value creation. Pala’s team has extensive experience within the sector and seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative solutions in development, production, turnaround and advanced exploration situations. Pala invests across all geographies and in all mining commodities as well as mining services and consumables. For more information, visit www.pala.com.
For further information: Pala’s address is 12 Castle Street, St. Helier, Jersey, JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR or contact John Nagulendran at +41 41 560 9070.