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Cobra strikes deal

COBRA Resources Ltd has reached agreement to acquire the Melbourne-based international textile and clothing group Supreme 3 Limited through a scrip-based reverse takeover which will result in the spin-off of its exploration and mining assets into a new company, Cobra Exploration NL.

Under the arrangement – which also includes a free option issue to existing Cobra shareholders and optionholders – Cobra will acquire Supreme 3 for about $55 million following a capital reconstruction.

Supreme 3, or associated parties, will underwrite or subscribe for a $2.5 million placement of shares at 20¢ in Cobra Exploration NL, which will seek a separate listing on the Australian Stock Exchange.

Cobra’s executive chairman Laurie Ziatas said the agreement represented an exceptional out-come for Cobra shareholders, giving them immediate and future exposure to a large and rapidly growing industrial business and the opportunity to participate in a new and funded exploration company holding Cobra’s original resource assets.

Supreme 3 directors have been involved in the textile business for nearly 40 years.

Cobra’s resource assets include joint ventures with Anaconda Nickel Ltd at Greenvale (Three Rivers) and Marlborough lateritic nickel projects in Queensland and the high-grade Wowo Gap nickel-cobalt project in PNG.

Wowo Gap is believed to have a resource potential of more than 300 million tonnes of lateritic ore at similar grades to the current inferred resource of 50 million tonnes at 1.22 per cent nickel and 0.084 per cent cobalt.

Anaconda said that the Mambare Plateau contained within the joint venture’s Kokoda tenements has the potential to host a laterite resource of up to 200 million tonnes at one per cent nickel.

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