Cobalt Holdings plans to raise $230m in London listing
Cobalt Holdings said on Monday it plans to raise $230-million through a global offer and potentially list its shares in the London Stock Exchange, aiming to offer investors pure-play exposure to prices of cobalt.
The company, which has a contract with Glencore to buy an initial $200-million worth of cobalt from the global miner, said it plans to use the proceeds from the equity raise to execute the purchase of the metal, a core component in electric vehicle batteries.
Glencore and affiliates of investment firm Anchorage Structured Commodities Advisor have agreed to invest about 20.5% of the shares to be offered, it said.
The company's six-year supply contract with Glencore provides a guaranteed supply of cobalt worth up to $1-billion. It also has a supply contract to buy up to 1 500 t of cobalt from Anchorage in 2031.
"We believe now is the right time to build a strategic stockpile of cobalt. The long-term price of cobalt has historically been well above the prevailing spot price," CEO Jake Greenberg said in an expected intention to float filing.
Its shares are expected to be admitted to the stock exchange in June, the company said.
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