Global Cobalt Receives Approval for Idaho Cobalt Belt Acquisition

Global Cobalt Corp. (TSXV:GCO) reported that its filing for a mining lease agreement with an option to acquire for several claims in Idaho’s cobalt belt has been approved by the TSX Venture exchange.

As quoted in the press release:

In order to maintain the Agreement, the Company must complete a minimum of CAD$500,000 in work on the property during the first 3 years of the term of the lease, issue 1,000,000 common shares in the Company to the Lessor, and pay CAD$1,250 per month per year as an advance on against royalties on each anniversary of the agreement. There is a 2.5% net smelter royalty payable to the Lessor on all development and production ores and minerals extracted, milled and sold from the Leased Premises. At any time following completion of the agreement, the Lessee may purchase one-half the royalty in the form of cash or stock or combination consideration of CDN $2,500,000. The Company has an option to acquire the Property at any time for a onetime payment in the form of cash or shares or combination and with prior approval of the Exchange

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