Police determined the victim left the scene and went to a residence in the area of Division Street and University Avenue.
The 39-year-old man was located and transported to Northumberland Hills Hospital with serious injuries, police said.
Their investigation has led to the arrest of a 43-year-old Cobourg man.
Late Monday afternoon, police say the man was charged with aggravated assault, possession of a weapon for a dangerous purpose, and four counts of uttering threats to cause death or bodily harm.
He was remanded into custody with a scheduled court date in Cobourg on Tuesday.
Earlier Monday police stated they were investigating a “critical incident” in the town. Two residences have been cordoned off and the public have been advised to avoid the area.
The municipal police are receiving assistance from Northumberland OPP and the Port Hope Police Service.
“This investigation is ongoing,” Cobourg police stated. “There is no concern for public safety at this time.”
Anyone with information on the incident is asked to call police at 905-372-6821 or anonymously via Crime Stoppers at 1-800-222-TIPS or online at stopcrimehere.ca.
More to come.
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