(via TheNewswire)
HIGHLIGHTS
- Jervois closes its
US$160 million acquisition of Freeport Cobalt, with the final purchase price including working capital but excluding cash being approximatelyUS$192 million to reflect higher cobalt inventory acquired- Acquisition aims to consolidate the transformation of Jervois into a global, vertically integrated cobalt and nickel company of scale
- Jervois has purchased an operating global leader in the cobalt industry, with an established market platform that is diversified by product and value chain segment
-
A$313 million equity raise closed with final settlement of theA$177 million retail entitlement offer tranche, fully underwritten byUBS and Jefferies-
AustralianSuper invests a furtherA$73.9 million ; Mercuria, one of the world’s largest energy and commodity traders, investsA$45.7 million - Jervois Directors and Management subscribe for an additional
A$3.57 million to support the transaction
The Acquisition has the potential to transform Jervois into the second largest producer of refined cobalt outside
The Acquisition is expected to transform Jervois into a global, vertically integrated cobalt and nickel company of scale, led by a highly experienced management team. Jervois is diversified across multiple products and value chain segments with significant relevance to leading cobalt producers and end-users.
Jervois’ acquisition of Freeport Cobalt also provides the Company with an established global market platform from which to operate. The industrial logic and strategic rationale for the Acquisition is compelling, with value for Jervois shareholders expected to be created through technical and commercial synergies with ICO and SMP operations.
On
The Retail Entitlement Offer closed at
It is intended that proceeds from the Offer will be used to fund the acquisition of Freeport Cobalt, for ICO development expenditure and for general corporate purposes, including advancement of feasibility studies at theSMPnickel cobalt refinery in
Jervois insiders and principals have contributed
Insider participants include:
--
Peter Johnston , Non-Executive Chairman (A$0.374 million , 850,000 New Shares)--
David Issroff , Non-Executive Director (proposed) (A$1.0 million , 2,272,727 New Shares)--
Greg Young , Executive General Manager (“EGM”) – Commercial (A$1.335 million , 3,080,830 New Shares)--
James May , Chief Financial Officer / EGM – Finance (A$0.4 million , 909,091 New Shares)--
Ken Klassen , General Counsel / EGM – Legal (A$0.3 million , 681,818 New Shares)--
Brian Kennedy , Non-Executive Director (A$0.05 million , 113,636 New Shares)--
Bryce Crocker , Chief Executive Officer and Executive Director (A$0.045 million , 102,272 New Shares)--
Craig Morrison , Group Financial Controller (A$0.05 million , 113,636 New Shares)
The New Shares issued to Mr.
Under Canadian securities laws, each of the individuals listed above (aside from Mr.
As part of the Offer, Mercuria Energy Trading (“Mercuria”) one of the world’s largest integrated energy and commodities companies with approximately
On behalf of
For further information, please contact:
---------------------------------------------------------------- |Investors and analysts: |Media: | |James May |Nathan Ryan | |Chief Financial Officer |NWR Communications | |Jervois Global |nathan.ryan@nwrcommunications.com.au| |jmay@jervoismining.com.au|Mob: +61 420 582 887 | | | | ----------------------------------------------------------------
Forward-Looking Statements
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the effects of closing the Acquisition, the expected benefits of the combined assets of the Company, expected production at ICO, acquisition of SMP, relationship with Mercuria and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-lookingstatements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Neither
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