Friday, 14 July, 2017 - 14:35
Perth cobalt explorer in Canadian takeover
A Canadian company has entered into an agreement to acquire Perth-based Cobalt One under an all-scrip deal that values the target at about $63 million.
First Cobalt is an ASX- and TSX-listed Canadian company whose assets include almost 3,000 hectares and three former mines in the Cobalt camp in Ontario, Canada. Cornerstone assets include an option for the former producing Keeley-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver from 301,000 tonnes of ore, as well as a joint venture on a fully permitted cobalt refinery in Cobalt, Ontario. First Cobalt also has interests in seven prospective copper-cobalt properties covering 190 square kilometres in the Democratic Republic of the Congo, all with known surface mineralization.
In June 2017 the company announced plans to acquire Perth company Cobalt One (formerly Equator Resources)
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