Cobre completes acquisition of Kalahari Metals Limited

Cobre Limited (ASX:CBE) announced that it has completed the acquisition of the remaining 49% interest in Kalahari Metals Limited, now become 100% ownership of KML, following the approval of shareholders at the company’s Extraordinary General Meeting held on 22 November 2022. KML owns the second largest tenure, covering a total area of approximately 5,348 sq. km in the Kalahari Copper Belt (KCB) in Botswana.

Along with that, Cobre has repaid loans made by MTR to KML by issuing 6,602,183 Cobre shares to MTR at an issue price of AU$0.29 per Exchange Share. The issue price of the Exchanges Shares was calculated by dividing the total outstanding amount of the loan by the 90-trading day VWAP of Cobre's shares.

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