TORONTO, Feb. 26, 2019 /CNW/ - Pala Investments Limited ("Pala"), a multi-strategy investment company focused on the mining and metals value chain, announced today it has increased its investment in Cobalt 27 Capital Corp. (TSXV: KBLT) ("Cobalt 27"). Pala has acquired an additional 5,000,000 common shares of Cobalt 27 at prices of $3.65 and $4.00 per common share for an aggregate purchase price of $18,950,000 (or an average of $3.79 per common share) over the facilities of the TSX Venture Exchange.
Immediately prior to the acquisitions, Pala held 10,726,582 common shares representing a securityholding percentage of approximately 12.65% (based on 84,815,780 common shares outstanding). Pursuant to the acquisitions, Pala acquired 5,000,000 common shares. Immediately following the acquisitions, Pala holds 15,726,582 common shares representing a securityholding percentage of approximately 18.54%, an increase in its securityholding percentage of approximately 5.89%.
Pala has acquired these securities for investment purposes and may increase or decrease the investment in the securities of Cobalt 27 or pursue certain other actions depending on its evaluation of the business, prospects and financial condition of Cobalt 27, the market for Cobalt 27's securities, general economic and tax conditions and other factors.
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.
Certain statements in this press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of Cobalt 27 that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual events and results to differ materially from the future events or results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Pala Investments Limited
For further information: 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.