COB is pleased to announce that the parties have executed a binding Heads of Agreement (HOA) for COB to acquire 100% ownership and legal title of the
The Independent Expert Determination has confirmed that COB and BPL have 70:30 respective interests in the Project. COB and BPL have subsequently used the delivery of the Expert Determination as a catalyst for discussion.
Under the terms of the Thackaringa Joint Venture (TJV), both BPL and COB have the rights to reduce their interest in the TJV via assignment.
Under the binding HOA, BPL will receive:
a.
b. 9,000,000 COB fully paid ordinary shares at a deemed issue price of
c.
d.
BPL will retain the existing exploration base and precious metal rights, as defined in the TJV, and its existing 2%
The parties are working together to complete all other necessary documents.
COB is delighted that the parties have reached a commercial outcome that will allow the development of the Project with benefits accruing to shareholders of both companies.
About
Cobalt is a strategic metal in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
Potential to extend the Mineral Resource at Pyrite Hill, Big Hill, Railway and the other prospects is high. Numerous other prospects within COB’s tenement package are at an early stage and under-explored.
Contact:
Chief Executive Officer
Ph: +61-2-8287-0660
Website: www.cobaltblueholdings.com
Email: info@cobaltblueholdings.com
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