GREY:GLBCF - Post by User
Post by
mooseslayeron Feb 25, 2015 10:39am
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Post# 23462859
News out...offer to resolve option agreement
News out...offer to resolve option agreementI dont see it out but I received an email about proposal. I will try to copy it.
GLOBAL COBALT OFFERS SETTLEMENT TO IMPERIAL MINING HOLDING LIMITED TO RESOLVE OPTION AGREEMENT/LOAN AGREEMENT VANCOUVER, BC / TNW-ACCESSWIRE / FEBRUARY 25th, 2015 / 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.