CBLT Inc. said Dec. 18 that it entered into a binding letter of intent with an arm's length prospector to acquire two cobalt- and gold-prospective claims, dubbed the MacTrack claims, in Ontario.
The claims consist of 29 units, covering roughly 1,300 acres.
Under the deal terms, the company is required to pay C$10,000 in cash and C$15,000 in shares, priced at 8 cents apiece.
CBLT will also grant the vendor a 2% net smelter return royalty, half of which can be repurchased for C$1 million.
Deal closing will occur following completion of legal and technical due diligence.