American Rare Earths cashed up after sale of cobalt shares in Cobalt Blue
American Rare Earths Ltd (ASX:ARR) has improved its cash position to A$5 million following the sale of 8 million of its shares in Cobalt Blue Holdings Ltd (ASX:COB) (OTCMKTS:CBBHF) (FRA:COH) for proceeds of A$2,468,822.
The company has also converted its A$1 million, three-year Convertible Note (CN) at a deemed price of A$0.20 into 5 million shares in COB.
Post conversion, American Rare Earths will hold 6,000,448 shares in COB valued at A$2,640,197, based on the closing price of COB on January 18, 2021.
Interest of A$60,328 on the CN up until its conversion has been received.
Remaining cobalt investment
The company continues to hold a A$3 million five-year Promissory Note (PN), interest-free for years 1, 2 and 3, with interest of 6% per annum for years 4 and 5 payable in arrears.
The PN which is now in year 2 is secured over the title to the tenements.
In addition, American Rare Earths continues to hold exploration, base and precious metal rights on an agreed sub tenement as defined in the agreement with a 2% Net Smelter Royalty on all cobalt from COB’s Broken Hill (Thackaringa) Cobalt Project.
La Paz Project plans
The company wholly owns the world-class La Paz Rare Earth Project, in Arizona, which hosts a highly shallow 2012 JORC resource of 128.2 million tonnes at 373.4 parts per million (0.037%) Total Rare Earth Elements.
As a large tonnage, bulk deposit, La Paz is potentially the largest rare earth deposits in the USA and benefits from containing very low penalty elements such as radioactive thorium and uranium.
In late 2021, the company plans to deliver its first Preliminary Economic Assessment for La Paz and is working with leading USA research institutions to have La Paz’s mineral profile incorporated into emerging US advanced rare earth processing technologies.
ARR is also acquiring a second USA rare earth asset, the Laramie project in Wyoming with the transaction due to be complete by mid-2021.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/938761/american-rare-earths-cashed-up-after-sale-of-cobalt-shares-in-cobalt-blue-938761.html
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