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Cruz Capital Corp (TSXV:CUZ) has entered into a share purchase agreement with Cobalt Locaters Inc. The assets of Cobalt Locaters Inc. consists of 6 separate cobalt projects. As quoted in the press release: 4 are located in Ontario and 2 are in British Columbia. Cruz will now hold 7 separate cobalt prospects in Canada. Jim …
Cruz Capital Corp (TSXV:CUZ) has entered into a share purchase agreement with Cobalt Locaters Inc. The assets of Cobalt Locaters Inc. consists of 6 separate cobalt projects.
As quoted in the press release:
4 are located in Ontario and 2 are in British Columbia. Cruz will now hold 7 separate cobalt prospects in Canada.
Jim Nelson, President of Cruz Capital states, “We are extremely pleased to be able to acquire, within one transaction, what we feel is the best set of underdeveloped cobalt-first assets situated in Canada. Management’s plan would be to further these prospects along and either develop them internally or look to joint venture them. We believe we are at the earliest stages of a significant Cobalt boom and we feel all these assets in one company will put Cruz at the forefront of this exploding sector. Cruz has a tight share structure with only approximately 8 million shares outstanding after this transaction. Our goal is to make Cruz into the premier cobalt asset project generator in North America.”
According to a MetalBulletin story dated July 18, 2016, “…Cobalt metal prices have been rising in recent weeks on the positive sentiment created by strong forward demand from the super-alloys sector as well as the anticipation of higher prices that has resulted from an expected surge in production of electric vehicles.” The cobalt price has recently traded to a 6 month high.
