M2 Cobalt has signed a definitive agreement to acquire four exploration licences (ELs) in the Republic of Uganda from Olympic Minerals.

The licences cover approximately 850km² and will be acquired through M2 Cobalt’s wholly owned subsidiary Eurasian Minerals.

They are located close to the company’s existing Kilembe and Bujagali exploration licenses, which comprise seven licences totalling 1,564km² at present.

With the acquisition of three of the ELs, which consist of approximately 515km², the company will increase the size of its Kilembe-area footprint.

M2 Cobalt CEO Simon Clarke said: “These licences are also highly strategic as they are contiguous with, or adjacent to, key areas where our phase I exploration programme generated strong results and highlighted a number of large discoveries and priority targets.

“With the acquisition of these additional ELs, the company is now even better positioned to expand its potential for large-scale copper-nickel-cobalt discoveries from three different styles of mineralisation across numerous target areas.”

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“The company is now even better positioned to expand its potential for large-scale copper-nickel-cobalt discoveries from three different styles of mineralisation.”

Upon completion, M2 Cobalt will control five licences located on-trend with, or near to, the past-producing Kilembe mine.

Two of the new ELs are situated on the western extent of the eastern branch of the Great Rift Valley within the Rwenzori fold belt. The third licence is located about 50km due east of the Kilembe mine.

The newly acquired licence in Bujagali is 334.6km² and is an extension west and south of its existing Bujagali licences.

In consideration for the acquisition, M2 Cobalt will pay $150,000 and issue 350,000 common shares of the company on approval of the acquisition by the TSX Venture Exchange.

A total of $400,000 will be paid and 450,000 common shares will be issued before 31 May, or when the company raises a minimum of $3m from an offering of equity securities.

Completion of the acquisition is subject to various conditions, including approval of the TSX Venture Exchange and certain other closing conditions.