Global Cobalt Corp. has formally offered a settlement to Imperial Mining Holding Ltd. to amend the current option agreement, the terms of which include a settlement of the amount outstanding on the exploration expenses owed to Global Cobalt as an offset for the current outstanding loan amount owed to IMHL. The details of the offer, including consideration for the settlement, are currently under discussion.
Erin Chutter, president and chief executive officer, commented:
"If accepted, this offer, which has been discussed extensively with IMHL shareholders, will provide Global Cobalt a clean balance sheet and continued ability to access the Karakul cobalt project as per the extended option agreement. We are very pleased with the spirit of co-operation with IMHL on these matters and look forward to continued partnership."
This offer will remain in place until Feb. 28, 2015.