{"id":6014,"date":"2023-03-21T06:30:00","date_gmt":"2023-03-21T06:30:00","guid":{"rendered":"https:\/\/investors.eurobatteryminerals.com\/press-releases\/eurobattery-minerals-increases-its-stake-in-the-finnish-hautalampi-project-to-70-per-cent\/"},"modified":"2023-03-21T07:31:59","modified_gmt":"2023-03-21T06:31:59","slug":"eurobattery-minerals-increases-its-stake-in-the-finnish-hautalampi-project-to-70-per-cent","status":"publish","type":"post","link":"https:\/\/investors.eurobatteryminerals.com\/en\/press-releases\/eurobattery-minerals-increases-its-stake-in-the-finnish-hautalampi-project-to-70-per-cent\/","title":{"rendered":"Eurobattery Minerals increases its stake in the Finnish Hautalampi project to 70 per cent"},"content":{"rendered":"\n

Stockholm, 21 March 2023<\/strong> \u2013 The mining company Eurobattery Minerals AB (Nordic Growth Market: \u201cBAT<\/a>\u201d and B\u00f6rse Stuttgart: \u201cEBM<\/a>\u201d; in short: \u201cEBM\u201d, \u201cEurobattery\u201d or \u201cthe Company\u201d), today announces that the Company is exercising its option to acquire 30 per cent of the shares in FinnCobalt Oy (\u201cFinnCobalt\u201d), the owner of the ground and mining rights to the nickel\u2013cobalt\u2013copper project Hautalampi. This constitutes the Company\u2019s second acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process until May 2024. Altogether, Eurobattery\u2019s share of ownership in FinnCobalt will amount to 70 per cent after the now impending acquisition. The acquisition is of great significance for the Company\u2019s planned development of the Hautalampi project and the goal to establish a battery mineral mine with production and sales within a mid-term horizon. The consideration for the stake acquisition will be paid partly in cash and partly through a directed issue of shares to the three founders of FinnCobalt.<\/p>\n\n\n\n

\u201cWe are very pleased to continue to deliver on our strategy to provide battery minerals from Europe to Europe, now as the majority owner of the Hautalampi mine project. With the pre-feasibility study just announced we know that the economic outlook for the battery mineral mine in Finland is strong,\u201d said Roberto Garc\u00eda Mart\u00ednez, CEO of Eurobattery Minerals.<\/p>\n\n\n\n

Financial details of the stake acquisition<\/strong><\/h4>\n\n\n\n

The Board of Directors of Eurobattery has informed the three founders and initial owners of FinnCobalt that the Company will exercise the second option of the investment and shareholder agreement entailing the option to acquire FinnCobalt in a staged process which was entered into on 11 May 2020 and which became effective on 27 May 2020. This means that Eurobattery, before 27 July 2023, should exercise said option by paying a total cash amount of EUR 250,002 and issuing shares in Eurobattery amounting to a value of EUR 1,000,002 to the three founders of FinnCobalt. These two actions will be taken parallelly and simultaneously. The cash part of the consideration will be paid from the Company\u2019s cash. The share part of the consideration will be paid through a directed issue of shares. The subscription price in the directed share issue will correspond to the volume-weighted average price of the Company\u2019s share on NGM Nordic SME during the ten trading days preceding the issue decision.<\/p>\n\n\n\n

Effects of the acquisition<\/strong><\/h4>\n\n\n\n