Cobra Resources PLC - developing heavy rare earth element discovery at its Boland project in South Australia - Calls general meeting for July 24 to approve the sale of its Wudinna gold assets in South Australia in a deal worth for up to A$15 million, about £7.2 million. Cobra last week announced the disposal to Sydney-listed Barton Gold Holdings Ltd. It will receive A$500,000 in cash and A$5 million in Barton Gold shares, both in two instalments. It can receive up to A$2 million more in Barton shares upon the Wudinna project reaching a resource milestone and up to a further A$7.5 million cash from production. Wudinna has a JORC-compliant mineral resource estimate of 279,000 ounces of gold. It neighbours Boland, both near to Adelaide. Barton’s Challenger, Tarcoola and Tunkillia projects also are nearby.
Current stock price: 2.07 pence, up 3.3% in London on Tuesday for £18.1 million market capitalisation
12-month change: up 97%
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