Cobalt Blue Holdings Ltd (ASX:COB) has issued 9 million shares to Broken Hill Prospecting Ltd (ASX:BPL) as part of the deal to secure 100% ownership of the Broken Hill Cobalt Project.
The transaction will also see a $1 million convertible note issued to BPL.
The relevant title transfer documents are now with the NSW Department of Planning & Environment for approval.
BPL’s ownership and legal title of the Broken Hill Cobalt Project will be transferred but it will retain a net smelter return royalty of 2% on all cobalt production from the project.
Proactive recently caught up with Cobalt Blue recently for an update.