MINING.COM -- Shares in M2 Cobalt Corp (CVE:MC) were off to the races on Wednesday after the company announced the acquisition of exploration licenses in east Africa and resumed trading in Toronto.
During lunchtime trade the Vancouver-based junior was exchanging hands for $1.00 up 61.3% after a halt on trading on the TSX Venture Exchange in place since November was lifted. Around 67,000 shares were traded giving M2 Cobalt a market value of $25m.
The company, which changed its name from Accend Capital in November, in a statement said it acquired seven exploration licenses in the Republic of Uganda spanning roughly 1,564 square kilometers. M2 Cobalt issued 19.7m common shares to the licence holders plush cash payments totaling $1.1m.