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Cobra strikes at Internet

FOLLOWING the course of its peers in the resource sector, Cobra Resources Ltd has agreed with its wholly-owned subsidiary, Cob.Web Solutions, to take options to purchase an Internet-based mining information and service portal business established by Mining e-Trade Pty Ltd.

Under Cobra’s agreement with Mining e-Trade, the company will take an initial 25 per cent interest through the payment of $190,000 and the issue of three million Cobra shares.

It can then acquire a further 25 per cent through a capital injection of $500,000 over 15 months. For each $100,000 injected, Cobra will acquire an additional 5 per cent.

Cobra has been seeking entry into established cash-flow generating online businesses to complement existing mining and technology interests for some time, and Mining e-Trade – with its ability to generate annual sales revenue of $5 million – promises to deliver substantial profits to Cobra.

The investment follows Cobra’s acquisition of an initial 30 per cent in fast-growing, WA-based Internet and communications provider, Global Dial, in February.

Established in August, Mining e-Trade operates a web site which provides a subscription-based service for companies to keep investors up to date on the latest developments within the client company and other services expected to become vital tools for the mining industry.

One such service, which is already generating in excess of 5,000 hits a day, is a complete listing of all mining tenements registered in WA.

For a fee, companies can place their tenements for sale on the site.

Other services being developed include the online sale and auctioning of mining equipment and plant.

Cobra Resources executive chairman Laurie Ziatas said the Mining e-Trade web site was generating substantial overseas interest.

“This is because Australia is viewed by the world mining community as a leader in the development of new technologies,” he said.

“Opportunities therefore exist to exploit this leadership role in the Internet space.”

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