Global Energy Metals finalizes deal to buy 100% of cobalt projects in Australia
Global Energy Metals Corp (CSE:GEMC) (OTCMKTS:GBLEF) said Thursday that it has signed final agreements with Hammer Metals Ltd (OTCMKTS:HMRRF) to acquire 100% of the Millennium cobalt project and the Mount Isa cobalt projects in Australia.
In 2017, GEMC inked a deal with Hammer that allowed it to acquire a 75% stake by spending C$2.5 million within three years. As of March of this year, it had paid at least C$500,000 and owned a 25% interest.READ: Global Energy Metals positions itself as leading cobalt explorer in Mount Isa region with acquisition
The Vancouver-based buyer said in a press release Thursday that it identifies Millennium as growth-stage while Mount Ida is highly prospective. Global Energy added that the deal with Mount Lawley, Australia-based Hammer is subject to exchange approval.
Shares of GEMC traded at C$0.06 in Wednesday’s Canadian trading. They slipped US$0.01 to US$0.04 on the OTC market.
Earlier in November, Global Energy Metals said its partner Marquee Resources Ltd had entered into a non-binding supply agreement with a Chinese manufacturer of battery cathode materials. Contact Dennis Fitzgerald at email@example.com