Global Copper to Acquire Additional Ontario Cobalt Claims

Global Copper Group (TSX.V: ICU) has agreed to acquire an additional 3 mineral claims located 5 km east of Cobalt, Ontario.
According to the press release:

The claims will be acquired from Timber Wolf Gold Corp. (“Timber Wolf”), of Cobalt, Ontario for an in consideration of the sum of CDN$25,000 (of which CDN$10,000 is payable on signing of a formal agreement), and 500,000 fully paid and non-assessable shares to be issued and allotted five days following the date the terms of acquisition are accepted for filing by the TSX Venture Exchange. The balance of CDN$15,000 is payable 30 days thereafter.
Timber Wolf is a private corporation 100% beneficially owned and controlled by Michael Johnson, Randy Lawson and Pat Laferriere of Cobalt, Ontario.
In order to finance the development of the group of claims, the Company has agreed to make a non-brokered private placement of up to 10,000,000 units. Of the units to be placed, 3,000,000 will be flow-through units consisting of one share and one-half share purchase warrant. The flow-through units will be placed at $0.07 per unit. One full warrant will be exercisable to purchase one additional non flow-through share at a price of $0.12 for a period of 18 months following the date of closing of the private placement.
The remainder of the offering is a non flow-through offering of up to 7,000,000 units which will be placed at a price of $0.06 per unit. A unit consists of one share and one-half share purchase warrant with one warrant also being exercisable for a period of 18 months at a price of $0.12 to purchase one additional share.
Finder’s fees acceptable to the TSX Venture Exchange will be payable in connection with a portion of the Offering.
The terms of the private placement are subject to prior TSX Venture Exchange approval.

Click here for the full press release.