Quantum Cobalt (CSE: QBOT) (FRA: 23B) today announced that it has closed its previously announced acquisition of 1142674 BC Ltd. (the “Target”) in line with the share exchange agreement between Quantum Cobalt, the target and the shareholders of the target. Per the agreement, the company has acquired the Nipissing Lorrain Cobalt Project located near Cobalt, Ontario. The property consists of two separate claims and includes six distinct underground workings that have been historically mined for Cobalt-Silver-Nickel. Per the share exchange agreement, the company will pay a total amount of $1,000,000 over a six month period from date of close with an initial cash payment of $500,000 due on closing and $250,000 every three months after. Additionally, Quantum Cobalt will issue five million common shares to the shareholders of the target upon closing in exchange for one Class A common share in the capital of the target. “We are pleased to have added the Nipissing Lorrain Cobalt Project to our portfolio. Exploration plans on the Property will be conducted with a heightened level of confidence and commitment recognizing it was a past producer,” Quantum Cobalt CEO Greg Burns stated in the news release.
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About Quantum Cobalt Corp.
Quantum Cobalt Corp. (formerly Bravura Ventures Corp.) is building one of the largest land packages in the prolific mining town of Cobalt, Ontario, Canada, with the option to acquire 100 percent of the Nipissing Lorrain Cobalt Property that includes two separate claims. The property, consisting of 29 claim units for approximately 464 hectares, is located in an historically mined area with rich deposits of cobalt, silver and nickel. The area is easily accessible by road with power and infrastructure nearby. For more information, visit the company’s website at www.QuantumCobalt.com.
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