iCobalt Limited entered into a share sale agreement to acquire MetalsTech Bay Lake Cobalt Inc. from MetalsTech Limited (ASX:MTC) for CAD 3 million on March 5, 2018. Under the terms of the agreement, iCobalt has agreed to issue 15 million common shares and 10 million options. The common shares will have a deemed price of CAD 0.2 per share and the options will be exercisable at CAD 0.25 per option on or before that date which is four 4 years from the date of listing of iCobalt on the ASX. By the way of this transaction, iCobalt will acquire all the interest of MetalsTech in the Bay Lake project. The transaction is subject to shareholder and regulatory approval. iCobalt Limited cancelled the acquisition of MetalsTech Bay Lake Cobalt Inc. from MetalsTech Limited (ASX:MTC) on April 5, 2018.