A Canadian cobalt speculation company is being bought by a Swiss firm in a deal that values the company at about $501 million.
The deal, which pushed Cobalt 27’s shares up 83 cents or 23.9 per cent to $4.30 in mid-morning trading on the TSX Venture, includes a cash payment of $3.57 per share, plus $2.18 in shares of a newly listed company to be named Nickel 28 Capital Corp.Cobalt 27 has been focused on securing rights to cobalt production from a variety of interests, as well as physical stores of the metal, as a bet on increased demand for the metal as battery use grows.
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