Cobalt Power Group Inc. (the “Company”) (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce that, further to the Letter of Intent (LOI) signed earlier this year (see news release dated July 27, 2017), it has entered into a definitive agreement (“the Agreement”) with Canadian Cobalt Projects Inc. The Agreement entails the acquisition of five separate blocks of prospective mineral claims encompassing approximately 7,500 hectares located in the Cobalt Camp region of northern Ontario, along with several applications for mineral tenements in historic cobalt mining areas of southern Sweden. The Company has completed the filings with the TSX Venture for approval of the transaction.
As quoted in the press release:
“Global supply and demand forces continue to drive the price of cobalt to new yearly highs as additional sources are sought by the energy storage industry,” comments Dr. Andreas Rompel, President & CEO. “The acquisition of the Canadian Cobalt Project turns us into one of the leading players in the Ontario Cobalt Camp, a region where major battery makers are beginning to focus their attention.”