PALA COMPLETES FURTHER INVESTMENT IN COBALT 27
TORONTO, ONTARIO – June 28, 2018 – Pala Investments Limited (“Pala”), a multi-strategy investment company focused on the mining and metals value chain, is pleased to announce the closing of its further investment in Cobalt 27 Capital Corp. (TSXV: KBLT) (“Cobalt 27”) in connection with Cobalt 27’s bought deal (the “Offering”) of 30,800,000 common shares in the capital of Cobalt 27 (“Common Shares”) on June 27, 2018.
Pursuant to the Offering, Pala acquired 873,762 Common Shares for aggregate cash consideration of $8,519,179.50. The Offering consisted of 30,800,000 Common Shares issued for $9.75 per Common Share for aggregate gross proceeds of approximately $300 million.
Immediately prior to closing of the Offering, Pala owned or controlled, directly or indirectly 7,362,820 Common Shares. Based on 52,407,902 Common Shares issued and outstanding immediately prior to the closing of the Offering, Pala had a security holding percentage of 14.05% of the Common Shares. Immediately after the closing of the Offering, Pala owns or controls, directly or indirectly 8,236,582 Common Shares and based on 83,207,902 Common Shares outstanding immediately following the closing of the Offering, has a security holding percentage of 9.89% of the issued and outstanding Common Shares; a decrease of 4.16%.
Pala has acquired these securities for investment purposes and may increase or decrease the investment in the securities of Cobalt 27 depending on its evaluation of the business, prospects and financial condition of Cobalt 27, the market for Cobalt 27’s securities, general economic conditions and other factors.
Pala’s address is 12 Castle Street, St. Helier, Jersey JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR or contact John Nagulendran at +41 41 560 9070.
All monetary amounts are stated in Canadian dollars.
Pala is an investment company focused exclusively on the mining sector with a strong track record of successful investments and value creation. Pala’s team has extensive experience within the sector and seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative solutions in development, production, turnaround and advanced exploration situations. Pala invests across all geographies and in all mining commodities as well as mining services and consumables. For more information, visit www.pala.com.