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Capella to sell Norwegian copper-cobalt projects to NickelX

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Capella Minerals has agreed to divest its interests in copper-zinc-cobalt projects in Norway to Norwegian mining company NickelX, in a cash and share deal worth C$7m ($5.13m).

These projects include the Hessjøgruva, Kjøli and Løkken projects, collectively called the Central Norway Copper Projects, in Trøndelag province.

NickelX currently owns 100% interests in the Hamn, Palfjellet, Birgivi and Envold nickel exploration projects in northern Norway.

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The company intends to become Norway’s leading independent battery metals company by undertaking an initial public offering (IPO) on Oslo’s Euronext Growth Exchange.

Under the binding agreement, Capella will receive a C$5m cash payment at the closing of the deal, as well as C$2m worth of new NickelX shares upon completion of the IPO.

Capella president and CEO Eric Roth said: “Capella is pleased to have reached this agreement with NickelX providing for the creation of a premier Norwegian battery metals company.


Source: Mining Technology

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