PERTH (miningweekly.com) – ASX-listed Cobre has completed the acquisition of the remaining 49% interest in Kalahari Metals Limited (KML) from dual listed Metal Tiger.

The two companies in June this year struck an agreement allowing Cobre to gain full ownership of KML in a two-tranche transaction.

Cobre initially acquired an additional 24.5% interest in KML from Metal Tiger for £750 000, and was granted a call option for the remaining 24.5% interest exercisable at either £750 000 cash or the equivalent in Cobre shares.

The second tranche was settled through the issue of more than 4.63-million shares in Cobre to Metal Tiger, at a deemed issue price of 29c each.

Additionally, Cobre has repaid, in full, its existing and outstanding loans made by Metal Tiger to KML by issuing more than 6.6-million shares in Cobre to Metal Tiger, also at a deemed price of 29c each.

Metal Tiger now holds a 20.58% interest in Cobre.

“We are extremely pleased to have completed the acquisition of KML to acquire its full ownership. This transaction represents a strategic milestone for Cobre to fully exploit the exploration potential of KML, which we believe will continue to unlock considerable value for our shareholders,” said Cobre executive chairperson and MD Martin Holland.

“Moving forward, Cobre is well positioned to capitalise on what we believe is one of the most exciting copper districts in the world. Our recent announcements to the ASX over the past five months indicate that the drilling program is going extremely well. With the KML transaction now complete, Cobre is ready to take advantage of this incredible opportunity in the Kalahari Copper Belt.

“We aim to unlock the full value of these Botswana assets through a strategic and well-planned exploration program using our strong Africa-based technical team, and we look forward to continuing to update the market as the program progresses.”

KML is a private UK company and holds interests in 12 highly prospective exploration licences covering 8 595 km² in the Kalahari Copper Belt, in Botswana, comprising two exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings, and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.