Cameo Resources Corp. said May 14 that signed a deal to acquire Labrador Cobalt Corp., which owns more than 4,000 hectares of mineral claims in Newfoundland and Labrador.
The proposed acquisition will result in a nearly twenty-fivefold increase to Cameo's tenure holdings in the region and is part of the company's plan to focus on cobalt assets.
As consideration for 100% of the issued shares of Labrador Cobalt, Cameo paid C$40,000 and will issue 500,000 common shares upon closing of the transaction. Cameo expects to develop exploration plans for the deposits there this summer.
The company recently announced plans to acquire the Staghorn Lake cobalt project in northern Labrador.
