55 North Mining Inc., announced the spin-off of an unknown stake in European Cobalt Limited (ASX:EUC) on September 1, 2020. Pursuant to the terms, 55 North Mining Inc., will distribute 1.26 European Cobalt Limited common shares for each common share of 55 North Mining Inc., held as at July 6, 2020 via an in specie dividend. The Consideration shares are currently subject to a lock up agreement.

However, 55 North Mining Inc., anticipates that the dividend, now declared, will be paid by issue of the European Cobalt common shares to shareholders on or about December 2, 2020.