On June 23, CobalTech signed a binding letter of intent pursuant to which First Cobalt Corp. intends to acquire all of the issued and outstanding common shares of CobalTech by way of a court approved plan of arrangement. Under the terms of the planned arrangement, CobalTech shareholders will receive 0.2632 of a First Cobalt common share representing the equivalent of $0.20 per CobalTech share. The combined company should have greater liquidity, a larger capital markets profile and increased access to capital. First Cobalt has assets in the Cobalt, Ontario mining camp and in the Congo. Completion of the arrangement is subject to a number of conditions, including the entering into of a definitive agreement, approval by the shareholders of CobalTech and receipt of all required regulatory approvals including the approval of the TSXV. The arrangement can not close until these conditions are satisfied and the required approvals are obtained.
The stock trades on Canada’s TSX VENTURE under the symbol CSK.
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Mailing address:CobalTech Mining Inc.