Chilean Cobalt advances proposed NeoRe acquisition into Phase 3 talks after completing earn-in milestone
COBA•Madesal investment
NeoRe’s controlling shareholder Madesal invested USD 1.5 million in Chilean Cobalt alongside the transaction process.
Royalty interest lifted to 2% NSR
Completion of Phase 2 lifted Chilean Cobalt’s net smelter royalty interest in the NeoRe project to 2%.
The 2% NSR would be extinguished if the acquisition closes, leaving the project unencumbered by those royalties.
Phase 3 talks begin after earn-in milestone
Chilean Cobalt moved into talks to buy 100% of NeoRe following completion of Phase 2 under a binding earn-in agreement.
Phase 3 calls for negotiating and signing a definitive acquisition agreement; the existing terms contemplate 6,000,000 common shares as consideration.
