The private USA-based alternative asset management company was the only shareholder that came out against the proposed acquisition when it was first announced in June.

Under its revised terms, Pala has increased the cash payment to C$4 per share, up from C$3.57, adding US$23 million (C$30 million) to the deal that created Nickel 28 Capital, which is designed to retain Cobalt 27's existing nickel-focused assets.

"After reviewing the improvements to the transaction, Anson is supportive of the transaction, and intends to vote for the transaction. Anson believes that the modifications and enhancements … provide fair and reasonable consideration to shareholders," it said.

Anson concluded the improved transaction resulted in an imputed sale price for the Voisey's Bay cobalt stream that equaled the net present value of its cash flows at the five-year average of cobalt prices, and the physical cobalt at the current spot price which is tracking 35% above the July low price.

"Anson believes the reduction in management's cash change of control fees and 46% reinvestment into Nickel 28 shares at net asset value, shows strong alignment between management and shareholders. The 50% reduction in the termination fee payable to Pala in the event of a superior proposal is in-line with market terms," it said.

The fund added the offer compared favorably to the net value that shareholders would have received in the withdrawn third-party proposal by a private metals streaming company.

Anson declined to disclose its position in Cobalt 27, but stated it was a "significant shareholder".