Shares in Corcel PLC (LSE:CRCL) climbed 8.5% early on Monday after the mining company announced the sale of its interest in the Mambare nickel-cobalt project following a revised offer.
Integrated Battery Metals agreed to purchase the 41% interest in the project for as much as US$4.1 million, Corcel said in a statement.
This is split between a total of US$3 million in cash and 1.5 million shares in the firm, offering continued exposure to the Papua New Guinea-based project, the group continued.
"This proposed revised transaction offers a new and enhanced exit of the Mambare asset, at a significantly higher valuation than the original deal,” executive chairman Antoine Karam commented.
Shares rose 8.5% to 0.41p on the news.