Global Cobalt Corp. (TSXV:GCO) has proposed a settlement with Imperial Mining Holding Limited on the current option agreement. Details of the settlement – Global Cobalt’s exploration expenses owed offered as an offset for the current outstanding loan amount owed to IMHL – are currently under discussion.
As quoted in the press release:
GLOBAL COBALT CORP. (TSXV:GCO, OTCBB:GLBCF, FRA:3P0) (“Global Cobalt” and/or the “Company”) is pleased to announce that Global Cobalt has formally offered a settlement to Imperial Mining Holding Limited (“IMHL”) to amend the current option agreement, the terms of which include a settlement of the amount outstanding on the exploration expenses owed to Global Cobalt as an offset for the current outstanding loan amount owed to IMHL. The details of the offer, including consideration for the settlement, are currently under discussion.
Erin Chutter, President & CEO commented:
“If accepted, this offer, which has been discussed extensively with IMHL shareholders, will provide Global Cobalt a clean balance sheet and continued ability to access the Karakul Cobalt Project as per the extended option agreement. We are very pleased with the spirit of cooperation with IMHL on these matters and look forward to continued partnership.”
This offer will remain in place until February 28, 2015.