First Cobalt merges with CobalTech
Canada’s First Cobalt Corp. (TSX-V:FCC) (ASX:FCC), the largest landowner in the Cobalt Camp in Ontario, announced the completion of its merger with CobalTech Mining Inc. by way of plan of arrangement.
The arrangement was approved by the Supreme Court of British Columbia but it remains subject to final approval of the TSX Venture Exchange. In the meantime, trading of shares of CobalTech will be halted. The shares have to be delisted from the TSX Venture Exchange at close of December 4, 2017.
As a result of the merger, CobalTech shareholders will receive 0.2632 of a common share of First Cobalt for each CobalTech share held and CobalTech will become a wholly-owned subsidiary of First Cobalt. All outstanding share purchase warrants of CobalTech have also been exchanged.
First Cobalt, a firm that began drilling at the Cobalt Camp in 2017, controls over 10,000 hectares of prospective land and 50 historic mining operations as well as a mill and the only cobalt refinery in North America permitted to produce battery materials.
The company is currently advancing its Silver Centre property, a 2,100-hectare site in the historic mining camp located 400 kms north of Toronto and 25 kms south of Cobalt, Ontario. The property includes the formerly active Keely-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver.
The miner expects to discover new high-grade cobalt and silver mineralization at the site, based on results from a 2012 exploration program.
“Over a very short period we have created the largest cobalt exploration company in the world, controlling almost half of what we believe may be the most prospective cobalt district outside of the DRC. We intend to pursue an aggressive exploration program in 2018 while continuing to assess other growth opportunities," First Cobalt's President & Chief Executive Officer, Trent Mell, said in a corporate press release.