Pursuant to the share exchange agreement, Quantum will pay an aggregate amount of CAN$1 000 000 over a six-month period from date of close of the share exchange agreement, with an initial cash payment of CAN$500 000 due on closing and CAN$250 000 subsequently every three months. A total of five million common shares in the capital of the company will also be issued on closing to the shareholders of the target in exchange for one Class A common share in the capital of the target.
Greg Burns, CEO of Quantum Cobalt, commented: "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 recognising it was a past producer.”
