RE:More news or the is it only the early morning land package? Proposed Transaction
It is contemplated that the acquisition of the Properties will be accomplished by Cobalt Power Group acquiring all of the issued and outstanding shares of Canadian Cobalt in exchange for the issuance, pro-rata of 35,000,000 common shares of Cobalt Power to the existing shareholders of Canadian Cobalt and that at closing, the shareholders of Canadian Cobalt will receive the benefit of a 1.5% net smelter returns royalty, of which 75% may be purchased at any time in consideration for a cash payment of (CDN)$1,000,000. Following completion of the transaction, Canadian Cobalt would become a wholly owned subsidiary of Cobalt Power Group.
Cobalt Power will now initiate a 30-day due diligence period wherein it will conduct a full due diligence investigation. The definitive agreement and the closing of the acquisition remains subject to a number of conditions, including approval of the TSX Venture Exchange, as well as such other conditions as are customary in transactions of this nature.