The newly formed company will have projects in Australia, East Africa and the US, including eCobalt’s Idaho Cobalt project, which boasts the highest combination of cobalt grade and scale in North America.
The combination will involve the acquisition of all of the issued and outstanding shares of eCobalt and will not impact the previously announced merger of M2 Cobalt and Jervois, the company said in a statement.
"We are fully supportive of Jervois undertaking a transaction with eCobalt, and look forward to securing eCobalt's high-grade Idaho Cobalt Project for the combined group,” said Simon Clarke, CEO of M2 Cobalt.
“The combination with eCobalt advances our combined goal of building the pre-eminent, mid-tier, multi-jurisdictional battery materials supplier and secures one of the highest quality cobalt deposits globally.”
According to Clarke, the transaction with Jervois is well advanced, and M2 does not expect the transaction with eCobalt to impact the timeline or the process of integrating operations with Jervois.
M2’s merger with Jervois is subject to regulatory and shareholder approval, as well as Jervois’s conditional acceptable for listing on the TSX Venture Exchange.
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