Eurobattery Minerals increases its stake in the Finnish Hautalampi project to 100 per cent

EQS-Media / 20.05.2024 / 08:35 CET/CEST Stockholm, 20 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or “the Company”), today announces that the Company is exercising its option to acquire the remaining 30 per cent of the shares in FinnCobalt Oy (“FinnCobalt”), the owner of the ground and mining rights to the nickel–cobalt–copper project Hautalampi. This constitutes the Company’s third acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process. Altogether, Eurobattery Minerals’ share of ownership in FinnCobalt now amounts to 100 per cent after the impending acquisition. The acquisition is of great significance for the Company’s planned development of the Hautalampi project and the goal to establish a battery mineral mine with production and sales within a mid-term horizon. The consideration for the stake acquisition will be paid partly in cash and partly through a directed issue of shares to the three founders of FinnCobalt. “We have just submitted the Environmental Permit Application to the Finnish Authorities and with that crucial step and this acquisition, we have taken one big stride closer to start the mining operations in Outokumpu. The pre-feasibility study showed that the economic outlook for the battery mineral mine in Finland is strong,” said Roberto García Martínez, CEO of Eurobattery Minerals. Financial details of the stake acquisition The Board of Directors of Eurobattery Minerals has informed the three founders and initial owners of FinnCobalt that the Company will exercise the third option of the investment and shareholder agreement entailing the option to acquire FinnCobalt in a staged process which was entered into on 11 May 2020 and which became effective on 27 May 2020. This means that Eurobattery Minerals, before 27 July 2024, should exercise said option by paying a total cash amount of EUR 300,000 and issuing shares in Eurobattery Minerals amounting to a value of EUR 1,000,002 to the three founders of FinnCobalt. These two actions will be taken parallelly and simultaneously. The cash part of the consideration will be paid from the Company’s cash. The share part of the consideration will be paid through a directed issue of shares. The subscription price in the directed share issue will correspond to the volume-weighted average price of the Company’s share on NGM Nordic SME during the ten trading days preceding the issue decision.