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Marquee to acquire interest in 3 cobalt projects in Ontario

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Marquee to acquire interest in 3 cobalt projects in Ontario

Marquee Resources Ltd. said Dec. 5 that it intends to acquire interests in three cobalt-prospective exploration properties in Ontario, namely the Werner Lake project, the Werner Lake East/West project and the Skeleton Lake project.

The company entered a binding share purchase agreement to acquire CO27 Pty. Ltd., which has agreements to earn up to a 70% interest in Werner Lake, and full interest in Werner Lake East/West and Skeleton Lake.

The company will issue 11.0 million shares, and pay A$200,000 and US$150,000 in cash to acquire CO27.

CO27's agreements allow it to purchase the projects for a total of A$100,000 plus US$80,000 worth in shares and A$200,000 plus US$150,000 in cash.

Marquee will also need to spend a total of A$2.5 million on the Werner Lake project, and pay various net smelter royalties ranging from 2% to 3.5% over the projects.

The company expects existing shareholders to be diluted by about 54% as a result of the shares issued under the purchase agreement.

The acquisition is expected to complete on Jan. 25, 2018.