CBLT Announces Closing of Debt Conversion and Update on Northshore
CBLT Announces Closing of Debt Conversion
and Update on Northshore
Burlington, Ontario--(Newsfile Corp. - August 12, 2020) -
CBLT Inc. (TSXV: CBLT) (the "
Company
" or
"
CBLT
") announces the closing of the debt conversion transaction previously announced on June 23,
2020 and June 26, 2020, whereby certain arms-length and non arms-length creditors of the Company
holding $53,650.00 of debt in the aggregate have agreed to convert such debt into Common Shares
resulting in the issuance of a total of 2,146,000 Common Shares at $0.025 per Common Share. The
conversion is being effected pursuant to the TSXV Temporary Relief of Policy 4.3 announced on April 8,
2020. The debt to be converted includes management fees of $48,000 and trade payables of $5,650.
CBLT has received many inquiries from shareholders about the progress of its sale of the Northshore
Gold Property to Omni Commerce Corp. See CBLT's press release of June 1, 2020 for details of that
sale. While it was the intention to close by the end of July, 2020, CBLT advises that minor delays were
encountered in the closing process, related to certain lawyers being on summer vacation and to physical
restrictions imposed by the novel coronavirus. Management is in daily contact with the purchaser and
does not foresee any reasonable impediment to closing on the sale by the outside date of August 31,
2020.
About CBLT Inc.
CBLT Inc. is a Canadian mineral exploration company with a proven leadership team, targeting cobalt in
reliable mining jurisdictions. The Company is well-poised to deliver real value to its shareholders.
On Behalf of the Board of Directors
CBLT INC.
"Peter M. Clausi"
Peter M. Clausi
CEO and Director
For Further Information:
Peter M. Clausi
1 905-681-1925
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release contains certain statements that constitute forward-looking statements as they relate
to the Company and its management.
Forward-looking statements are not historical facts but represent
management's current expectation of future events, and can be identified by words such as "believe",
"expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar
expressions.
Although management believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and
uncertainties that could cause actual future results, conditions, actions or events to differ materially from
those in the forward-looking statements. If and when forward-looking statements are set out in this new
release, CBLT will also set out the material risk factors or assumptions used to develop the forward-
looking statements. Except as expressly required by applicable securities laws, CBLT assumes no
obligation to update or revise any forward-looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors, including but not limited to: closing on the
Agreement as described above in a timely manner; Omni Commerce Corp. and Balmoral Resources
Ltd. carrying out mutual due diligence review and closing on their outstanding agreement affecting
Northshore Gold; COVID-19; reliance on key personnel; shareholder and regulatory approvals; First
Nations; risks of future legal proceedings; income tax matters; availability and terms of financing;
distribution of securities; commodities pricing; effect of market interest on price of securities; and,
potential dilution. COVID-19 creates risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/61570