- Cruz Cobalt (CRUZ) has entered a share purchase agreement to acquire a cobalt project and three diamond projects
- The cobalt project is located within the Idaho Cobalt Belt, while the diamond projects are in British Columbia’s Golden Mining Division
- Cruz will secure the properties by acquiring all issued and outstanding capital in 1205011 B.C., which owns the projects
- The company will also issue nine million common shares in Cruz to 1205011, as part of the transaction
- Cruz Cobalt (CRUZ) remains unchanged and is currently trading at C$0.06 per share
Cruz Cobalt (CRUZ) has entered a share purchase agreement to acquire a cobalt project and three diamond projects.
The 2,211-acre cobalt project is located within the United States’ Idaho Cobalt Belt, and surrounds Jervois Mining.
The three diamond projects, Larry, Jax, and Mark, are located within British Columbia’s Golden Mining Division. The Larry project measures 2,552 acres, the Jax project measures 5,572 acres, and the Mark project covers 1,529 acres.
All of these projects are currently owned by a subsidiary of 1205011 B.C., a Canadian numbered entity.
Cruz Cobalt will secure the properties by acquiring all issued and outstanding capital in 1205011 B.C. As part of the transaction, the company will also issue nine million common shares in Cruz to 1205011, at five cents per share.
Cruz Cobalt’s President, Jim Nelson, said that the company is excited to acquire a highly prospective cobalt project in the prolific Idaho Cobalt Belt.
“We are also pleased that this prospective acquisition holds three diamond projects in BC that have seen historic diamond exploration.
“To date, we have only evaluated our significant portfolio of Ontario projects for cobalt, however, going forward we intend to evaluate these projects for diamond and silver potential.
“Cruz has been silently waiting for the right time to recommence corporate activities and management feels the time is now. The remainder of 2020 will be very active for Cruz,” he said.
Jim went on to say that Cruz still has approximately $1.7 million in its treasury, which will allow the company to be nimble at this opportune time.
Cruz Cobalt (CRUZ) remains unchanged and is trading at C$0.06 per share at 12:14pm EDT.
