African Battery picks up 2 'highly prospective' assets

Africa-focused exploration company African Battery Metals has agreed to acquire Cobalt Blue and Regent Resources, both of which hold "highly prospective" cobalt-nickel exploration assets in Cameroon and Cote d'Ivoire, respectively.

African Battery's will issue 31m shares to Cobalt Blue Associates and Two Shields Investments in order to satisfy the acquisition of CBH, while a further 32.67m will be issued to Regent Resources Capital to cover the acquisition of RRIC.

The AIM-quoted firm said the acquisitions of CBH, which holds four prospecting licences in Cameroon close to one of the largest undeveloped cobalt reserves in the world, and RRIC, which has the irrevocable right earn-in up to 70% of the Lizetta II cobalt, chrome and nickel project in Cote d'Ivoire, will strengthen shareholder base and diversify its geopolitical and commodity exposure within the battery metals space, providing African Battery with "additional re-rating potential".

African Battery shares were down 0.62% to 0.032p.