Cobalt Power Group Inc. (the “Company”) (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce that the TSX Venture Exchange has accepted for filing a share purchase agreement dated Oct. 23, 2017, between Cobalt Power Group Inc., Canadian Cobalt Projects Inc. (the vendor) and all of the shareholders of Canadian Cobalt. Cobalt Power has agreed to purchase all of the issued and outstanding common shares in the capital of Canadian Cobalt, which is the registered holder of 33 mineral claims located in the South Lorrain Township, Ontario. Consideration is 29.95 million common shares of the company. Under the agreement, a 1.5-per-cent net smelter royalty will be granted, on a pro rata basis, to the shareholders of Canadian Cobalt.
As quoted in the press release:
“We can now expand our exploration campaign into the Silver Centre region of the Cobalt Camp,” comments Dr. Andreas Rompel, President & CEO. “This opportunity for expansion of exploration, along with the credibility and expertise provided by our strategic partner, Hochschild Mining, and the recent investment by Sprott Canada (both becoming significant shareholders with a combined investment of over $1.13 million CDN), make Cobalt Power one of the premier exploration and development companies in the Cobalt Camp.”