Update-Be Skeptical-Always Update: Please Take this with a grain of Salt as i have a hard time believing it. But this is what i was told. Note: I am very reluctant to post as i dont want to damage any credibility i have. But here we go
As we all know things haven’t necessarily gone the way we all hoped it would with the mill, not by any fault of CSK but from the party of the sellers.
When CSK had announced the LOI to purchase the NorthCobalt refinery, the Cobalt world (town and stock) went like a rocket. The successful purchase and procurement of the facility would have placed CSK at the front of the Cobalt exploration pack. The mill would have permitted the production of upwards of 4000Tons daily of material.
The mill in and of itself would require some modern updating and some “lipstick” However the permit in place is something that no other in the area possesses, the ability to actually produce.
As news broke of the breach within LOI shares plummeted and a lot of us were left with questions. Of which a swift reply from CSK was met, in a show of respect to its shareholders as many other junior companies would have opted to leave the members in the dark.
Equator Resources: A company traded on the Australian market had purchased the mill from United Commodity in a breach of the LOI. Whether Equator knew of the binding LOI between CSK and United is yet to be said, however with the publicly made LOI it is a hard sell to say they were unaware.
After many conversations I personally had with trusted and credible sources, I still find it hard to believe and I am still digging trying to find any validity without meeting with the CEO myself, but this is what I have been told.
Lawyer: “Its just like in real-estate”
SJ: “Such as?”
Lawyer: “If you are in agreement to purchase a home for example, and there are conditions. Now these conditions normally, financing, home inspection the usual. Well if these are the only two stipulations and you have met all the requirements. The bank gives you money, the inspection passes. Well you just bought a house and they just sold you a home. Same goes as the sale of the mill. CSK had enviro go in, they had engineers, and everything was within their liking, they bought that mill, and it was sold. But to show up and be told “Yeah we sold it for more than you offered so see ya” Well that doesn’t hold up. So CSK is going to take them to the cleaners, problem is, they (Yukon) don’t have any F#$%ing money. The only thing they really have is the mill, and they cant use that a collateral since it’s the focus of the disagreement. So what do you do, go after the guy who undercut you”
Both CSK and Equator are the only ones who have money to battle this out as United is broke broke broke. No point on fighting between the two.
Now moving forward ill spare you all the pleasantries.
We also all know (or should) That CSK has hinted being open to a Joint Venture in moving forward with their operations. I was told that late yesterday afternoon CSK and Equator met in closed doors to discuss the issue with the North Cobalt Mill. After a good long discussion an amicable solution had been agreed upon.
Cobaltech Mining and Equator Resources had come to the agreement of forming a Joint Venture within the Cobalt camp. They would collectively work together and would both be taking legal action against United Commodity. One for breach of the LOI and the other for engaging the sale of termed property, selling something that was not legally for market.
Cobaltech and Equator would acquire the mill for next to nothing, split the cost and become Canada’s largest permitted Cobalt exploration and mining company.
WARNING!!! PLEASE take this with a grain of salt, as I myself find it hard to believe. But the sources are credible and the information lines up with previous statements from CSK in the willingness and open search for a Joint Venture. This would also allow Equator to be potentially traded in the north American market. However, I cannot %100 confirm this. I will still try to find out anything and everything I can. But do your DD and always remain skeptical.
CSK and Equator would have a combined massive bankroll and would be a real threat to any other company in the area, in the country for cobalt production.
News of CSK moving drills onto their sites at the end of May to start on a drill program also came up during my discussions. That is something I will be able to confirm personally once they arrive to town.
I hope this is true, this would be amazing. I hope you can understand my reasons for being reluctant to post. I personally feel that I have a credible reputation on this thread, and I don’t want to hinder that.
Stay True, Stay Blue!
Regards
Sparticus Jones.
Inbox me if you questions, Goldfather please don’t add me to the ignore list lol.