HomeBase MetalsNzuri Copper receives A$3.36 million of funding

Nzuri Copper receives A$3.36 million of funding

Tembo Capital, the largest shareholder of Nzuri Copper shares, has provided the company with a written statement confirming its intention to vote all of the 132,089,113 shares it holds in Nzuri (approximately 51.44%) in favor of the issue of the Tranche 2 shares on conversion of the loan.

Following the receipt of shareholder approval, Huayou Cobalt will be issued a further 13,412,597 shares and, together with its Tranche 1 shares, will have a 14.76% interest in Nzuri Copper (assuming no other shares are issued).

As previously advised, Nzuri Copper intends to use the proceeds for ongoing development and optimization studies on its flagship Kalongwe Copper-Cobalt Project in the DRC, to pursue an aggressive ongoing exploration campaign within its Fold & Thrust Belt JV and for general working capital.

Huayou Cobalt will also be entitled to nominate one representative to the board of Nzuri, subject to all necessary consents and the satisfaction of the Board so long as its holding does not fall below 10% for 90 consecutive days, or a change of control event occurring with respect to Nzuri.

Feature image credit: Wikimedia