June 2 (Reuters) - Cobalt One Ltd CO1.AX :
* Entered into a binding term sheet with first cobalt corp
* Company has granted first cobalt an option to purchase 50pct of share capital of cobalt camp refinery ltd
* Exercise price will be cad$3 million in cash less the option fee of $750,000 Source text for Eikon: Further company coverage: CO1.AX