Dilution triggered. COB advances to a 93.68% beneficial interest in the Thackaringa Joint Venture.
- Cobalt Blue Holdings Limited (COB), as [Interim] Manager of the Thackaringa Joint Venture (TJV) issued a Billing Statement and Called Sum to the Joint Venture partners, COB and Broken Hill Prospecting Limited (ASX: BPL).
- BPL failed to pay the Called Sum as required by the TJV Agreement and then issued an Optional Dilution Notice.
- COB has recalculated BPL’s Joint Venture Interest and notified this to BPL as required by the TJV Agreement Dilution Provisions.
- As a result of this recalculation, COB believes it now holds an effective 93.68% beneficial interest in the Thackaringa Cobalt Project and BPL an effective 6.32% beneficial interest.