CBLT Inc. completed the sale of two noncore cobalt assets in Ontario to private Australian company International Cobalt Resources Ltd. in a cash and shares deal valuing the transaction at A$300,000 plus options.
Consideration for the MacTrack and Dickson assets comprises A$150,000 in cash and A$150,000 of shares, with 500,000 nonlisted options exercisable at 60 cents per share for two years from International Cobalt listing on the ASX, according to a June 11 statement.
CBLT said the deal is its third sale of noncore assets in 2018, which generated nearly C$1 million of value for the company.
The company also said International Cobalt will start working on its listing immediately and plans to acquire additional battery metals assets.
CBLT entered into a binding deal in late 2017 to acquire the MacTrack claims.
