Imperial Mining Holding Ltd.,
a private offshore company backed by the European Bank for Reconstruction and
Development, has agreed to swap its cobalt assets in Russia and Mongolia for
control of a publicly traded Canadian junior mining firm. Vancouver-based Puget
Ventures Inc. said it anticipated changing its name to Global Cobalt Corp. as
part of the deal, will issue at least 40 million of its shares to IMHL or its
designate to get the assets.

The transaction will be a
reverse takeover of Puget by IMHL, which is domiciled in the Isle of Man — a
semi-independent jurisdiction in the Irish Sea. Besides the European Union
bank, IMHL”s shareholders include Americo Resources L.C., a private company
with assets in Russia and Mongolia.