Cobre Completes 100% Acquisition of Triprop Holdings
Cobre Limited has completed the issuance of 3,001,300 shares to various non-related parties of Triprop Holdings to move to 100% ownership of Triprop.
Triprop is the registered license tenement holder for Cobre’s Ngami Copper Project as well as the northern portion of the Okavango Copper Project in Botswana.
Triprop is now a wholly owned subsidiary of Kalahari Metals Limited which is also a wholly owned subsidiary of Cobre.
The move to 100% ownership follows Cobre’s increase in ownership from 51% to 80%. The shares today are subject to a 12-month escrow period expiring 24 February 2024.
Following completion of the Triprop acquisition, the company’s group structure is represented as follows.
Commenting on the completion of the Triprop acquisition, Cobre’s Chief Executive Officer, Adam Wooldridge, said:
“This is another positive outcome for Cobre to have 100% control of all its subsidiary entities and projects including the Ngami Copper Project, which sits on the prospective northern margin of the Kalahari Copperbelt in Botswana.
The Company has had a strong start to the year with solid progress on the 5,000m diamond drill program at Ngami with approximately 3 000 m of drilling completed ahead of schedule.
Drill testing of new targets surrounding Comet is nearly complete and the programme will now focus on testing for further high-grade zones of copper-silver mineralisation at Comet following encouraging results from orientation soil and geophysical surveys.
“We look forward to updating the market with results from this important phase of work at the end of the programme when assay results have been completed.
In addition to the work at Ngami, a second phase of soilsampling at Kitlanya West is scheduled to start this week along with access preparation forthe upcoming 10 000 m aircore drill programme.
Results from these programmes, combined with the collaborative airborne gravity gradient survey being undertaken with Sandfire Resources, are expected to provide a number of priority targets for drill testing in this emerging new copper district.”
SOURCE:miningreview.com
