Metals Australia buys into Canadian cobalt

ASX-listed explorer Metals Australia has struck a deal to acquire the Lac du Marcheur cobalt project, in Quebec, while also raising A$2.45-million through a private share placement. Under the acquisition agreement, Metals Australia has a 15-day period to conduct a due diligence on the Lac du Marcheur project, after which time the junior could choose to acquire the project in exchange for 12.5-million fully paid ordinary shares.