European Cobalt Limited (ASX:EUC) entered into a term sheet to acquire Edleston Gold Project in Timmins from 55 North Mining Inc. for CAD 4.4 million on June 2, 2020. European Cobalt Limited entered into definitive agreement to acquire Edleston Gold Project in Timmins from 55 North Mining Inc. on July 3, 2020. Under the terms, European Cobalt will pay CAD 0.65 million in cash and issue 100 million shares. All of the common shares issued by European Cobalt will be subject to a three-month voluntary escrow from the date of issue. As of August 17, 2020, European Cobalt will issue the share consideration allowing for completion to occur. In a related transaction, European Cobalt Limited agreed to acquire additional ground from 1252272 BC Ltd.

Completion of the transaction is subject to regulatory approval by 55 North Mining Inc, finalization of legal documentation and a cleansing prospectus by EUC. Closing is conditional on the transaction being approved by the Shareholders of 55 North Mining, exercise of options, consummation of due diligence, and third party approvals. The Board believes that the transaction is in the best interests of the company and has unanimously approved the transaction. On August 10, 2020, the shareholders of 55 North Mining approved the transaction. On August 17, 2020, European Cobalt issued a cleansing prospectus. The transactions are expected to be completed by August 15, 2020. As of July 31, 2020, it is expected that the transaction will be completed on August 14, 2020. 55 North Mining plans to use the cash proceeds for general working capital and general corporate purposes. The directors intend to cause the 100 million Consideration Shares to be distributed to the shareholders of the company by way of in specie dividend to the shareholders at the record date herein.