Nzuri receives second tranche of Huayou financing
JOHANNESBURG (miningweekly.com) – ASX-listed Nzuri Copper has received the second and final tranche of funds from a $10-million strategic investment by major cobalt player Huayou Cobalt.
The first tranche, comprising the issue of 26.47-million tranche 1 shares for about $6.64-million, was completed on December 19.
The second $3.36-million tranche has been advanced as a convertible loan, on an unsecured and interest-free basis, with Nzuri planning to seek shareholder approval to issue the shares on conversion of this loan at its upcoming shareholder meeting on January 25.
Following the receipt of shareholder approval, Huayou will be issued a further 13.41-million shares and, together with its tranche 1 shares, will have a 14.76% interest in the company.
“Nzuri’s largest shareholder, Tembo Capital, has provided Nzuri with a written statement confirming its intention to vote all of the 132.08-million shares it holds in Nzuri, about 51.44%, in favour of the issue of the tranche 2 shares on conversion of the loan,” the company said in an update to shareholders.
Nzuri intends to use the proceeds for ongoing development and optimisation studies on its flagship Kalongwe copper/cobalt project, in the Democratic Republic of the Congo, to pursue an aggressive ongoing exploration campaign within its Fold and Thrust Belt joint venture and for general working capital.
Huayou will also be entitled to nominate one representative to the board of Nzuri, subject to all necessary consents.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation