CBLT Inc. (TSXV:CBLT) entered into a letter of intent to acquire 70% stake in Werner Lake Copper-Cobalt-Gold Project from Global Energy Metals Corporation (TSXV:GEMC) for CAD 0.82 million on November 26, 2020. CBLT has agreed to pay a total of CAD 0.27 million of which CAD 0.02 million will be immediately paid as a nonrefundable deposit. The remainder will be satisfied on the closing by CBLT issuing 5 million of its shares plus 3.5 million common share purchase warrants each exercisable at CAD 0.08 with a two year term. There is no accelerator on these warrants. Additionally, a payment of CAD 0.5 million would be payable by CBLT to Global Energy Metals upon Werner Lake reaching commercial production. If CBLT disposes of all or part of Werner Lake in the 24 months following closing, 20% of the gross proceeds of such disposition would be payable to Global Energy Metals. Upon closing, Global Energy Metals will own approximately 11% of CBLT on a fully-diluted basis. The letter of intent terminates on December 19, 2020 unless extended by mutual agreement or a definitive agreement has been reached. Assuming a definitive agreement is reached, closing of such agreement would be conditional upon approval from the TSX Ventures Exchange and further due diligence by CBLT. CBLT does not believe shareholder approval will be needed.

CBLT Inc. (TSXV:CBLT) cancelled the acquisition of 70% stake in Werner Lake Copper-Cobalt-Gold Project from Global Energy Metals Corporation (TSXV:GEMC) on January 18, 2021.