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King's Bay selling Menary gold project to focus on cobalt

King's Bay Gold Corp. agreed to sell its early stage Menary gold project in Ontario to newly formed private company Destroismaison CLM Holdings Corp.

As consideration, Destroismaison will issue 15% of its existing shares to the company and will retain an option to repurchase the 15% stake for C$100,000 within two years, according to a March 28 statement.

The deal is subject to exchange approval.

"This transaction allows King's Bay the ability to focus on our stated goal of exploring for cobalt and other high tech metals, while maintaining exposure to the potential of one of our noncore assets," King's Bay CEO Kevin Bottomley commented.