- Bolt (BOLT) has signed a conditional sale agreement for its Cyclops Project with Nickel Mines Limited
- If approved by Bolt shareholders, Nickel will pay US$8.5M for a 100-per-cent interest in the project
- If approval is denied, Nickel may acquire 45 per cent of the project and develop it in partnership with Bolt
- Nickel Mines is a low-cost producer of nickel pig iron, a key ingredient in the production of stainless steel
- Bolt Metals is focused on the acquisition and development of production-grade nickel and cobalt deposits
- Bolt (BOLT) is up by 57.14 per cent and is currently trading at $0.275 per share
Bolt (BOLT) has signed a conditional sale agreement for its Cyclops Project with Nickel Mines Limited.
The project is located in Papua province, Indonesia.
If approved by Bolt shareholders, Nickel will pay US$8.5M for a 100-per-cent interest in the 5,000 hectare nickel-cobalt project.
If approval is denied, Nickel may acquire 45 per cent of the project for US$750,000 and additional consideration of US$980,000. Nickel and Bolt would then develop the project as partners.
“We believe the opportunity to take the company in a new direction with a strong balance sheet is the correct way to provide long-term value for our shareholders,” stated Ranjeet Sundher, Bolt’s President and CEO. “The transaction value is an approximate 375-per-cent premium to the company’s current market capitalization, is overwhelmingly endorsed by management and directors and we anticipate it will also be strongly supported by our shareholders.”
Nickel Mines is a low-cost producer of nickel pig iron, a key ingredient in the production of stainless steel.
Bolt Metals is focused on the acquisition and development of production-grade nickel and cobalt deposits.
Bolt (BOLT) is up by 57.14 per cent and is currently trading at $0.275 per share as of 10:16 am EST.
