Cobalt Blockchain Updates Private Placement/Announces Adoption of New Stock Option Plan and By-Law
Cobalt Blockchain Updates Private
Placement/Announces Adoption of New Stock
Option Plan and By-Law
Toronto, Ontario--(Newsfile Corp. - November 6, 2020) - Cobalt Blockchain Inc. (TSXV: COBC) (OTC
Pink: COBCF) ("
COBC
" or the "
Company"
) announces that the TSX Venture Exchange has granted a
further extension of up to 30 days for completion of the balance of the Company's private placement of
up to $4.5 million of units announced on August 14, 2020. Each unit is priced at $0.05 and consists of
one common share and one common share purchase warrant.
Each common share purchase warrant
entitles the holder to acquire one additional common share at a price of $0.20 for a period of 24 months
from the closing date.
To date, the Company has completed two tranches of the private placement on a
brokered basis raising gross proceeds of an aggregate of $2,005,000 from the sale of 40,100,000
units.
The Company also announces that its board of directors has adopted a new 10% rolling stock option
plan and new general by-law for the Company modernizing and updating the prior versions of each. The
new stock option plan supersedes and replaces the Company's existing 10% rolling stock option plan
and all outstanding stock options are deemed to be issued under and are governed by the new plan. The
new general by-law includes advance notice provisions for the nomination of directors common for public
companies in Canada today. The advance notice provisions require advance notice to the Company in
circumstances where nominations of persons for election to the board of directors are made by
shareholders of the Company other than pursuant to (i) a requisition of a meeting made pursuant to the
provisions of the
Business Corporations Act
(Ontario) (the "Act") or (ii) a shareholder proposal made
pursuant to the provisions of the Act. The new stock option plan and general by-law are effective
immediately but are subject to ratification by shareholders at the Company's annual and special meeting
to be held on Friday, December 18, 2020 (the "Meeting"). A copy of the new by-law has been filed and is
available under the Company's profile on SEDAR at
www.sedar.com
and additional details will be
contained in the Company's management information circular for the Meeting, expected to be filed on
SEDAR shortly. To be valid, any advance notice for the nominations of directors at the Meeting must be
received by the Company no later than the close of business on Wednesday, November 18, 2020.
Further to the Company's press release dated September 21, 2020, the Company also announces that it
has completed the issuance of an aggregate of 150,000 common shares at a deemed price of $0.065
per share to two arm's length creditors as partial consideration for the settlement of debt. The shares
issued are subject to a 4-month hold period in Canada and such longer periods as may be required
under other applicable securities laws.
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV: COBC) is a Canadian resource company expanding its exploration and
development business to include cobalt assets in the Democratic Republic of the Congo ("DRC"); it
holds export trading licenses for 3T, copper and cobalt from the DRC. The Company believes that it is
the first mining and mineral trade company set up specifically to procure cobalt in compliance with the
Organisation for Economic Co-operation and Development ("OECD") due diligence framework. COBC
has developed and is implementing a blockchain-based reporting platform to provide greater certainty of
provenance and further assurance that all minerals procured are ethically-sourced. Senior management
have over twelve years of experience working in the DRC and a proven international track record in
exploration success and the trading of certified conflict-free, child-labour-free minerals.
For more information on the Company, investors should review the Company's filings at
www.sedar.com
.
For additional information, please contact:
Lance Hooper, President and Chief Operating Officer
Cobalt Blockchain Inc.
Telephone: +1-416-500-3670
Email:
Website:
www.cobc.co
Forward-Looking Statements
This news release includes statements containing certain "forward-looking information" within the
meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are
frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements
that certain events or conditions "may" or "will" occur and include, but are not limited to, statements
regarding the possible completion of further tranches of the private placement. Forward-looking
statements are based on the opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the forward-looking statements, including
but not limited to, uncertainty with respect to the completion of any future tranches, including timing
and amounts raised; market conditions; and the ability to obtain applicable regulatory approvals.
The
Company is under no obligation, and expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as expressly required by applicable law.
Neither the 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.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/67685