CBLT Announces Second and Third Conditions Met by Optionee of Chilton Cobalt
CBLT Announces Second and Third
Conditions Met by Optionee of Chilton Cobalt
Burlington, Ontario--(Newsfile Corp. - November 21, 2022) -
CBLT Inc. (TSXV: CBLT) ("CBLT")
announced on June 13, 2022 it had entered into an option agreement (the "Option") with PowerStone
Metals Corp. ("PowerStone") for CBLT's Chilton Cobalt property ("Chilton Cobalt"), subject to the
fulfilment of four conditions. On July 25, 2022 CBLT announced the first condition had been satisfied by
PowerStone.
CBLT is now pleased to announce the second and third conditions pursuant to the Option have been
satisfied. In particular, PowerStone has satisfied the second condition by carrying out a financing of
more than $900,000, which far exceeds the minimum of $250,000 set in the Option. The third condition
has been satisfied by PowerStone carrying out geologic work (the "Work") at Chilton Cobalt of at least
$100,000 by September 30, 2023.
"We are very pleased to see PowerStone raising capital and putting it into the ground at Chilton Cobalt,"
said Peter M. Clausi. "We see PowerStone positioning itself very well for its contemplated go-public
transaction, from which CBLT and its shareholders will directly benefit."
Much of the Work consisted of a diamond drill program that PowerStone has advised was carried out in
September, 2022 at Chilton Cobalt. PowerStone provided CBLT with the assay results from the Work on
Friday, November 18, 2022. PowerStone is not a reporting issuer and has no obligation to announce the
assay results, but has consented to CBLT's disclosure of them.
CBLT is reviewing the assay results and, working with PowerStone's professional geologist, will
announce such results and their interpretation as soon as possible.
Shareholders are reminded that CBLT has announced an intention to declare a dividend of some of the
PowerStone shares back to CBLT shareholders. See the June 13, 2022 press release for details. That
dividend has not yet been declared.
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; 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/145046