M2 Cobalt Corp. said Oct. 17 that it agreed to acquire four copper-cobalt prospective exploration licenses in Uganda from Olympic Minerals Ltd., an arm's length party, in a cash and stock deal.

The licenses span approximately 850 square kilometers and are located near the company's existing Kilembe‐area and Bujagali exploration licenses, which in turn cover 1,564 square kilometers.

M2 Cobalt will pay US$150,000 and issue 350,000 shares upon TSX Venture Exchange approval of the deal. It needs to pay an additional US$400,000 and issue 450,000 shares on May 31, 2019, or when it raises at least C$3 million from an equity offering, whichever occurs first.