Cobalt QLD Pty. Ltd. agreed to sell its remaining 45.6% equity in the Gorge Creek base metals project in Queensland, Australia, to joint venture partner Traka Resources Ltd.
Traka will issue 30 million shares for the stake at a price of 1.3 Australian cents apiece, valuing the transaction at A$390,000.
Traka said Sept. 4 that the consolidation is expected to attract future exploration funding and potential third-party joint venture partners.
The company secured an initial 51% interest in the Gorge Creek project in late 2017.
