Primary Cobalt Buran showing

Primary Cobalt (PRIM.C) has entered into definitive agreements to acquire a stake of 85% in four properties in Spain’s Badajoz region (close to the Portuguese border) from Exco Mining with a total surface area of 1,300 square kilometers. Primary Cobalt will have to pay 40,000 EUR for an initial 20% and upon receiving a so-called ‘research permit’, it will have to issue approximately 6 million shares to meet the requirement to pay 400,000 EUR in common stock of Primary Cobalt at a fixed price of C$0.10 to increase the stake to 50%.

Primary Cobalt Earn In

On top of that, Primary will need to spend a combined total of 6.6 million Euros (approximately C$10M) within a 3 year time frame to earn the final 35% interest, bringing the total stake to 85%. On top of that, Exco will be paid a 10,000 EUR monthly consulting fee until 2 properties have reached the commercial production phase (which will probably take 8-10 years in a best case scenario. On top of that, Victory Resources will be reimbursed to the tune of almost C$160,000 for prior expenses. To settle this payment, Primary Cobalt will issue a convertible debenture (with a conversion price of C$0.10). An additional 1 million shares will be issued to an outfit called Green Energy Ressources SARL.

Go to Primary Cobalt’s website
The author has no position in Primary Cobalt. Please read the disclaimer

Comments are closed.