Canada Cobalt PolyMet Acquisition Moves Forward
Canada Cobalt PolyMet Acquisition Moves
Forward
COQUITLAM, BC
,
Dec. 4, 2019
/CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF)
(
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to provide the following update
with regard to its proposed acquisition of 100% of the issued and outstanding shares of PolyMet
Resources Inc. ("PolyMet").
Canada Cobalt and PolyMet have executed an amendment dated
December 3, 2019
, to their
original binding Letter of Intent (the "Transaction", refer to
October 10, 2019
news release) which
provided for an issuance of shares by Canada Cobalt at a price of
$0.34
as payment for PolyMet
shares. As a result of the amendment,
Canada Cobalt will issue an aggregate of 704,444 units
to the shareholders of PolyMet at a deemed price of
$0.45
per unit
for total consideration of
$317,000
. Each unit comprises one common share and one common share purchase warrant.
Each warrant will entitle the holder thereof to purchase one additional common share of Canada
Cobalt at an exercise price of
$0.50
for a period of two years from closing of the Transaction. The
cash portion of the Transaction has been amended from
$333,000
to
$343,623.30
for a total value
(cash and shares) of
$660,623.30
.
The Transaction is subject to approval by the TSX Venture Exchange and standard closing
conditions. All securities issued in connection with the Transaction are subject to a four month-and-
a-day hold period as per applicable securities laws.
Canada Cobalt and PolyMet are working expeditiously to officially close the deal shortly.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with
strong exploration upside in the prolific past producing
Gowganda
high-grade Silver Camp of
Northern Ontario
. With underground access at Castle, a pilot plant to produce cobalt-rich gravity
concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the
creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations,
Canada Cobalt is strategically positioned to become a vertically integrated North American leader in
cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such statements.
SOURCE
Canada Cobalt Works Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2019/04/c3641.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc
Bamber, Director, [email protected], +44-7725-960939
CO: Canada Cobalt Works Inc.
CNW 16:30e 04-DEC-19