June 26, 2017 Cobalt One to Merge with First Cobalt TORONTO, ON — (June 26, 2017) – First Cobalt Corp. (“First Cobalt”) (TSX-V: FCC, OTC: FTSSF) and Cobalt One Limited (“Cobalt One“) (ASX: CO1) are pleased to announce that following the non-binding, conditional proposal by First Cobalt to acquire 100% of the shares in Cobalt One, as announced by First Cobalt on the TSX Venture Exchange (“TSXV”) dated June 21, 2017, both parties subsequently signed a letter of intent on June 23, 2017, pursuant to which First Cobalt intends to acquire all of the issued and outstanding common shares of Cobalt One by way of a court approved scheme of arrangement (the “Arrangement”).
Highlights:
Creates a leading pure-play cobalt exploration company (“MergeCo”) with a portfolio of high quality exploration assets and the only permitted cobalt extraction refinery in the Cobalt, Ontario mining camp (the “Cobalt Camp”) Experienced management team based in Toronto, with a proven track record of discovery, development, and finance, and located in close proximity to the Cobalt Camp MergeCo will be the largest listed cobalt exploration company with a pro-forma market capitalization of $110 million MergeCo will be listed on the TSXV, the ASX and the OTCQB, subject to regulatory approval Increased scale of the combined company will enhance its capital markets profile, liquidity, provide greater access to capital across the exchanges and provides for strong rerating potential Following completion of the Arrangement, it is intended that the Company’s Board will be reconstituted to include Cobalt One chairman Paul Matysek, Cobalt One Executive Director Jason Bontempo and Bob Cross.
Quelle Volltext: https://firstcobalt.com/2017/cobalt-one-merge-first-cobalt/ |