CaNickel Mining Limited has announced that it has signed an Option Agreement with Cobalt One Energy Corporation and Blackstone Minerals Limited.
Cobalt One has been granted the exclusive right and option for a 12-month period to purchase CaNickel’s 100% owned Bucko Lake Mine Project located approximately 110 km southwest of Thompson, Manitoba, for total consideration of up to CAN$80 million.
“After every effort was made to restructure CaNickel’s corporate debt with our creditor, it was determined that the most viable path forward for the company was to sell the Bucko Lake Mine to a motivated buyer with a strong balance sheet that can advance the Project,” stated Shirley Anthony, Chief Executive Officer of CaNickel. “To that end, we are pleased to have signed an Option Agreement with Cobalt One, which is owned by Blackstone Minerals, a dynamic ASX- listed, nickel-focused resource company headquartered in Perth, Australia. Their impressive board and highly experienced executive team have exhibited strong conviction in the technical merits of the Bucko Lake Mine, and we are confident they will have the resources to complete the purchase of the Project in the coming year.”