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Cobalt Power closes Western Cobalt acquisition

Cobalt Power Group Inc. said June 15 that it completed its acquisition of Western Cobalt Corp.

Under the deal terms, Cobalt Power acquired the entire share capital of Western Cobalt for 12.2 million shares and a 2.5% net smelter royalty, 1.5% of which may be purchased by Cobalt Power for C$1.5 million at any time within five years of deal closing.

Western Cobalt holds nine claims covering about 8,146 hectares in Saskatchewan's Athabasca basin that are prospective for cobalt and nickel, contiguous with UEX Corp.'s West Bear cobalt-nickel project.

In late April, Cobalt Power agreed to acquire privately held Western Cobalt in an all-share deal.