Corcel PLC on Monday said that it has received a revised offer from Integrated Battery Metals to buy its interest in the Mambare nickel cobalt project.

Corcel is a London-based mining and mineral resource development company with interests in flexible energy storage and production. It manages operations in Papua New Guinea, Canada, Australia, and the UK.

The firm said on Monday that IBM has conditionally agreed to buy its 41% interest in the Mambare project for up to $4.1 million. This includes the outstanding shareholder loans due to Corcel by Oro Nickel Ltd, the operational joint venture entity.

This would be broken down into $1.6 million due at completion, and the purchase of Corcel’s interest in Oro Nickel Vanuatu, the project holding company.

Also due at completion would be a further $1.4 million payable in cash, or the issue of 1.5 million shares of IBM at an issue price of $1 per share. Two years after completion, a further payment of $1.0 million would then be due either in cash or shares.

Separately, and not included in the main transaction, $148,000 for the sale and purchase of Corcel’s gross smelter royalty in respect of the Mambare project.

‘This proposed revised transaction offers a new and enhanced exit of the Mambare asset, at a significantly higher valuation than the original deal, while still providing on-going exposure to the underlying nickel asset in the form of a potential interest in IBM. We strongly recommend that all shareholders of Corcel support the resolutions at the upcoming General Meeting to allow this proposal to be consummated,’ said Executive Chair Antoine Karam.

Corcel shares were trading 6.6% higher at 0.41 pence each in London on Monday morning.

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