TSX-V-listed Canada Cobalt Works has closed its deal to acquire the only facility in the northern Ontario silver/cobalt district that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing.
The company announced its intention to buy the lab and mineral processing facilities of PolyMet in October last year and entered into a definitive transaction on January 8.
In terms of the transaction, Canada Cobalt will issue PolyMet 690 409 units at $0.45 each for a total consideration of $310 684. Each unit comprises one common share and one common share purchase warrant.
The lab and mineral processing facility is located in the town of Cobalt, within 50 m of a rail line and only a short distance from Canada Cobalt’s Castle and Beaver properties. The facility will be the home of the company’s Re-2OX process for the extraction of cobalt, precious and base metals.