The new owners of PolyMet Labs have finalized the sale.
The testing facility will run under the name of Temiskaming Testing Laboratories, a new Canada Cobalt Works subsidiary.
The Coquitlam, B.C.-based silver and cobalt exploration company wants to use the facility to host its Re-2OX plant, a proprietary technology that creates technical-grade cobalt sulphate and nickel-manganese-cobalt formulations.
The facility has the ability to do bullion pouring, bulk sampling, commercial assaying and e-waste processing.
Canada Cobalt Works owns the Castle Property, a 78-square-kilometre piece of ground in the former silver camp around Gowganda, which includes the former Castle silver mine. It’s 85 kilometres northwest of Cobalt.
The explorer recently made an unexpected discovery of high-grade gold inside the former mine.
In the release, the company said finalizing the sale comes at an “opportune time in the precious metals cycle” and gives them an advantage to be a “vertically integrated North American leader” with the ability to extract and process cobalt while also capitalizing on a “powerful new silver-gold market cycle.”
According to the terms of the transaction, Canada Cobalt will issue an aggregate of 690,409 units to PolyMet at a price of $0.45 per unit, which amounts to $310,684. The deal is subject to regulatory approvals, including by the TSX Venture Exchange.