Eurobattery Minerals AB (NGM:BAT) agreed to acquire additional 30% stake in FinnCobalt Oy on March 21, 2023. Eurobattery will exercise said option by paying a total cash amount of €0.25 million and issuing shares in Eurobattery amounting to a value of €1 million to the three founders of FinnCobalt. 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.

This constitutes the Company's second acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process until May 2024. The Board of Directors of Eurobattery has informed the three founders and initial owners of FinnCobalt that the Company will exercise the second 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. 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. Eurobattery's share of ownership in FinnCobalt will amount to 70% after the now impending acquisition. The stake acquisition of FinnCobalt is expected to be completed during the second quarter of 2023.

Eurobattery will also have the right, but no obligation, to nominate the Chairman of the Board and two ordinary Board members and their personal deputy members in FinnCobalt.