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Cobra lies in wait for acquisitions

Recently-formed Cobra Resources (LSE:COBR) is looking for base and precious metals projects to buy after it raised £523,500 (US$670,419) before expenses in its initial public offering on the London Stock Exchange’s main market.
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Cobra Resources has listed on the main market of the London Stock Exchange

Staff reporter

The company is aiming to "take advantage" of the next upturn in the mining sector by identifying and buying undervalued projects in Australia and Africa, although it said it wouldn't be limiting itself to those continents.

Cobra CEO Rolf Gerritsen said Cobra had been formed to "take advantage of certain attractive supply and demand dynamics going on in the natural resources environment by identifying and investing in one or two quality advanced but undervalued projects, which the Board believes have the potential to create shareholder value".

He said the company offered a clean cash shell listed on the LSE main market. 

The company's shares closed the first day of trading at 1.75p, giving it a market capitalisation of £1.01 million. 

It placed 34.9 million new ordinary shares at 1.5p per share Thursday and also issued warrants on a one-to-one basis, which if exercised, would raise around another £1.3 million.