Canadian cobalt mining and exploration company eCobalt Solutions Inc. will be bought by Australian peer Jervois Mining for C$57.6 million ($43.29 million).

Under the deal, each common share of eCobalt will be exchanged for 1.65 common shares of Jervois, representing an implied offer price of $0.27 per eCobalt share.

Jervois Mining is acquiring the company to extend its geographical footprint into the U.S.

The combination gives Jervois access to eCobalt’s Idaho Cobalt Project, a high-grade cobalt deposit situated in Idaho, U.S.