- Cruz Cobalt (CRUZ) has completed its acquisition of a cobalt project in Idaho, USA, and three separate diamond projects in British Columbia
- The acquisitions were made through the purchase of 1205011 BC Ltd, a privately held company, for nine million shares at a price of $0.05 each
- Cruz Cobalt now holds a portfolio of 12 separate projects across North America
- Cruz Cobalt (CRUZ) is currently down 16.67 per cent and is trading at C$0.05 per share
Cruz Cobalt (CRUZ) has completed its acquisition of a cobalt project in Idaho, USA, and three separate diamond projects in British Columbia.
Pursuant to an announcement dated September 4, 2020, the battery metals-focused company acquired the projects through its acquisition of 1205011 BC Ltd.
Under the terms of the deal, Cruz issued a total of nine million shares to the vendors of the privately held company at a price of C$0.05 each, representing a deemed price of $450,000.
The projects include the 2,211-acre Idaho Cobalt Belt Project, the 2,552-acre Larry diamond project, the 5,572-acre Jax diamond project and the 1,529-acre Mark diamond project.
With the transaction now complete, Cruz Cobalt holds a portfolio of 12 separate projects across North America.
Jim Nelson, President of Cruz Cobalt, said he is pleased to have completed the acquisition, which forms part of the company’s strategy to acquire and develop high-quality assets.
“Cruz currently has approximately $1.7 million in cash on hand as of today and we plan to implement multiple work programs in both the US and Canada.
“We are working diligently to increase shareholder value and we are optimistic about the company’s developments in the near and long term,” he added.
The Idaho Cobalt Project sits in a region that also includes the cobalt operations of Jervois Mining. In January this year, Jervois released an updated mineral resource estimate, which outlined a measured and indicated resource of 5.24 million tonnes at 0.44 per cent cobalt, 0.69 per cent copper and 0.53 grams per tonne of gold.
Cruz Cobalt (CRUZ) is currently down 16.67 per cent and is trading at C$0.05 per share at 11:39am EDT.