Sula Iron & Gold plc’s acquisition of 70% interest in a cobalt licence in Democratic Republic of Congo

AIM listed Sula Iron & Gold plc has announced that it has acquired a controlling, 70% interest, in a cobalt licence in the DRC.

The company has, conditionally, raised £1.75m to progress the cobalt project and assess other similar opportunities in the DRC, via the placing of 3bn shares with new and existing shareholders and “a subscription for 500,000,000 New Ordinary Shares with a single investor all at a price of 0.05 pence per share.

The Fundraising, which has been arranged by SP Angel, is conditional, inter alia, upon Shareholders’ approval of each of the Resolutions and Admission.

The deal which is subject to shareholder approval will make Sula Iron and Gold the first AIM-listed company to develop cobalt interests in the region.

Fladgate advised SP Angel on placing with Corporate consultant Neil Vickers.

Involved fees earner: Neil Vickers – Fladgate LLP;

Law Firms: Fladgate LLP;

Clients: SP Angel Corporate Finance LLP;