Audited Results for the Year ended 28 February ...

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[{"type":"text","content":"\n \n16 July 2018\n\nMETALNRG PLC(”MetalNRG” or the “Company”)\n\nAudited Results for the Year ended 28 February 2018\n\nThe Company today announces its audited financial results for the year ended 28 February 2018.\n\nBusiness review\n\nThe principal activity of the Company during the year was that of a natural resource investing company listed on NEX Exchange Growth Market in London.\n\nThe Company made two specific investments in 2018 and has continued to investigate a number of potential investments and strategic developments for the business.\n\nOf the various projects considered during the course of the financial year ended 28 February 2018 the Company entered into an agreement to acquire an interest in Western Australia (the \"Palomino Cobalt Project\"). The Palomino Cobalt Project on acquisition consisted of licence applications submitted and pending to be submitted applications in respect of ground prospective for cobalt and gold based on publicly available information historic exploration data and proximity demonstrated by announcements released by other companies operating in the vicinity of the Palomino Cobalt Project.  The total acquisition cost was approximately £55,000 with 83% of that acquisition cost payable in new MetalNRG ordinary shares priced at 1.5p per share.\n\nA second investment was announced during the year, a transaction securing an 18.18% holding in US Cobalt Pty Ltd (“US Cobalt”). US Cobalt is the operator of Columbia Pass, a potentially high-grade cobalt exploration and development opportunity in the Las Vegas area of Nevada, United States. The Company invested AU$200,000 (approximately £118,000) in cash from existing resources to acquire 2,000,000 shares in US Cobalt amounting to an immediate 18.18% holding. In conjunction with the initial investment in US Cobalt, the Company paid a fee of AU$50,000 (approximately £29,507) payable in 1,967,133 new MetalNRG ordinary shares priced at 1.5p per share, to secure a 3-month option (the 'Option') to acquire the remainder of the issued share capital of US Cobalt. The Company subsequently decided not to exercise the Option. On 22 March 2018, it was announced that Tyranna Resources Limited (“Tyranna”), an ASX listed resources and exploration company, had made an offer to acquire US Cobalt and had entered into an agreement with the Com...

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