Quantum Cobalt Corp. has announced that it has closed its previously announced acquisition of the Nipissing Lorrain Cobalt Project (located 26 km Southeast of Cobalt, Ontario).
Pursuant to the share exchange agreement, Quantum will pay an aggregate amount of CAN$1 000 000 over a six-month period from date of close of the share exchange agreement, with an initial cash payment of CAN$500 000 due on closing and CAN$250 000 subsequently every three months. A total of five million common shares in the capital of the company will also be issued on closing to the shareholders of the target in exchange for one Class A common share in the capital of the target.
Greg Burns, CEO of Quantum Cobalt, commented: "We are pleased to have added the Nipissing Lorrain Cobalt Project to our portfolio. Exploration plans on the property will be conducted with a heightened level of confidence and commitment recognising it was a past producer.”
Read the article online at: https://www.globalminingreview.com/finance-business/30112017/quantum-cobalt-acquires-nipissing-lorrain-cobalt-project/