Tyranna Resources Ltd. said March 22 that it signed an option to acquire the Goodsprings cobalt project by acquiring the issued share capital of US Cobalt Pty Ltd. in an all-share deal valued at approximately US$2.4 million.

The Goodsprings project surrounds the property of the same name held by ASX-listed miner Longford Resources Ltd.

The company paid an initial US$100,000 to acquire a 14-day exclusive option to conduct due diligence proceedings. Should it exercise the option, Tyranna will issue 141,176,470 shares at 1.7 cents each.

Tyranna said that the acquisition is part of its diversification strategy aimed at capitalizing on the demand for cobalt.