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Puget Ventures Inc. (TSXV:PVS) has executed an Earn-in Agreement with Imperial Mining Holding Ltd. for up to a 100% interest in mineral resource assets collectively known as the Altai Properties. The Company also announces that it will be changing its name to Global Cobalt Corporation to reflect its evolution to an international cobalt exploration and development company.
As quoted in the press release:
Highlights:
- Global Cobalt, will acquire, on an accretive earn-in basis, 100% of all of the rights, titles and interest to five mineral resource projects: Kuruozek, Yantau, Toshtuozek and Olendzhular, collectively known as the “Altai Sister Projects” and the flagship Karakul Cobalt Project (the “Properties”).
- Ownership thresholds based on aggregate work program and mineral resource tonnage.
- Revised agreement reduces dilution and eliminates need for share consolidation required in the original arrangement.
The Earn-In Agreement replaces the definitive agreement reached between Puget and IMHL known as the Pafra Agreement that was announced December 6th, 2010. The Company recently identified and pursued a more favourable earn-in structure for the acquisition of the Karakul Cobalt Project and successfully renegotiated the terms. The new agreement now includes four additional resource projects known as the Altai Sister Properties (the “Sister Properties”), which the Company identified as strategic to the Karakul project and significant to its mineral district approach.
Puget Ventures President and CEO Erin Chutter said:
The revised agreement offers the upside of 100% ownership while minimizing risk through an earn-in structure. This new structure allows us to exercise greater corporate control in expanding our project portfolio.
Click here to read the Puget Ventures Inc. (TSXV:PVS) press release
Click here to see the Puget Ventures Inc. (TSXV:PVS) profile.