Market announcement (from Cobalt Blue website)
- Cobalt Blue is proud to announce a strategic First Mover partnership with LG International (LGI), the resources investment arm of LG Corporation, acting in cooperation with LG Chem.
- LG Chem is one of the largest lithium ion battery makers in the world. LG Chem possesses strong technical leadership in the development of next generation batteries, in particular for fixed storage and Electric Vehicles (EVs). LG Chem is one of the leading EV battery makers globally.
- Under the First Mover partnership LG will provide capital and technical assistance for Cobalt Blue to make a high purity battery grade cobalt sulphate.
- Cobalt Blue has executed a binding term sheet with LGI to raise gross proceeds of US$6.0m with the transaction to be completed by Monday 16 April 2018, subject to the requirements of the ASX Listing Rules and Corporations Act 2001 (Cth). COB will issue shares at A$1.10 per share (representing a 15% premium to the 30-day VWAP of A$0.954) for the number of shares equivalent to the USD/AUD conversion on the day
when the funds are received in COB’s nominated bank account. A maximum of 14,000,000 shares may be issued, as approved on 25 January 2018 by COB’s members.
Cobalt Blue’s Chief Executive Officer, Joe Kaderavek said:
“COB is excited to find a high quality partner in LG and assist them in sourcing long term supply of battery ready cobalt. The technical competence of LG business is world class and this partnership will add significantly to our project.”
Cobalt Blue’s Chairman, Rob Biancardi said:
“This is an important event for Cobalt Blue and it’s shareholders. It demonstrates that the Thackaringa Project is unique and is one the most advanced Cobalt projects of its type in the world.”
Read more here: https://www.cobaltblueholdings.com/cob-lg-strategic-partnership-announced/