CBLT Announces Filing of Preliminary Prospectus and Report by Optionee of Chilton Cobalt
CBLT Announces Filing of Preliminary
Prospectus and Report by Optionee of Chilton
Cobalt
Burlington, Ontario--(Newsfile Corp. - January 9, 2023) - CBLT Inc. (TSXV: CBLT) ("CBLT") owns 100%
of the Chilton Cobalt property ("Chilton Cobalt") in Quebec, Canada. PowerStone Metals Corp.
("PowerStone") owns a previously announced option to acquire title to Chilton Cobalt, subject to the
completion of four conditions. On November 21, 2022 CBLT Inc. announced PowerStone had satisfied
the first three conditions of the Option, including issuing to CBLT one million special warrants (the
"Special Warrants").
Powerstone is making progress towards satisfying the fourth condition, which is to carry out a further
$100,000 of qualified work at Chilton Cobalt by September 23, 2024. Towards that goal, CBLT is
pleased to announce Powerstone has filed a preliminary prospectus and a
NI43-101
report on its
SEDAR page, which can be found at
https://bit.ly/3WU485K
. Powerstone has also advised it has
applied to the Canadian Securities Exchange for a listing of Powerstone's common shares. CBLT has
no part in and cannot control that listing process, and there are no assurances that Powerstone's shares
will be listed in 2023 or ever or that Powerstone will receive a receipt for its final prospectus.
Readers are encouraged to read Powerstone's draft prospectus and its
NI43-101
report. The report
recommends a two-phase exploration program including, among other steps, the drilling of 39 holes.
Quoting from page 13 of the
NI43-101
report:
The authors believe that the deposit has prospective geology for discovering additional mineralized
zones and the Company should continue to refine its understanding of the Property and define other
potentially mineralized shear and fault/altered structures.
Shareholders are reminded that CBLT has announced an intention to declare a dividend of 750,000 of
the PowerStone common shares that will result from the Special Warrants, assuming Powerstone
receives a receipt for its final prospectus. The declaration of the dividend is intended to happen
immediately after Powerstone obtains a receipt for its final prospectus but prior to any listing of the
resulting common shares on a stock exchange. See CBLT's June 13, 2022 press release for details.
That dividend has not yet been declared.
Finally, CBLT announces Dr. Lesley Rose is resigning from CBLT's board to focus her attention on other
projects. CBLT thanks her for her time and contributions to the shareholders.
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
@ClausiPeter
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 CBLT 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", "should", "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 or will come to pass.
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; SARS-CoV-2; reliance on key
personnel; the performance of the Ciscom Corp. leadership team; shareholder and regulatory approvals; the ability of Powerstone's team to receive
a receipt for its prospectus and to achieve a listing of its common shares on a Canadian stock exchange; First Nations and other local communities;
jurisdictional risk; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; commodities
pricing; environmental issues; forest fires and other natural phenomena; rising costs related to inflation; effect of market interest on price of
securities; failing to identify an economically viable mineral deposit; and, potential dilution.
CBLT's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the
recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of
others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration
of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak
of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial
markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/150650