Global Energy Metals Receives TSX Venture Exchange Approval for Acquisition of Rights to Use Canada Cobalt's Re-2OX Technology at Nevada Battery Metals Project
Global Energy Metals Receives TSX
Venture Exchange Approval for
Acquisition of Rights to Use Canada
Cobalt's Re-2OX Technology at Nevada
Battery Metals Project
COQUITLAM, BC, June 6, 2019 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or
"Canada Cobalt") is pleased to announce that Global Energy Metals
Corp. ("GEMC") has received approval from the TSX Venture
Exchange for the acquisition of Canada Cobalt's Re-2OX technology
to accelerate the advancement of the Lovelock mine and Treasure
Box projects.
Highlights
Re-2OX skips the normal smelting process to achieve
exceptionally high recovery rates for cobalt, nickel and copper,
while also removing 99% of arsenic expanding the potential of
the Lovelock mine by potentially creating battery grade cobalt
sulphate.
The hydrometallurgical process will complement a wider
exploration and drilling program that will allow for reinterpretation
of historic data and a better understanding of the ability to unlock
potential from GEMC's Nevada based projects.
GEMC is currently formulating plans for exploration and drilling
programs to advance the battery minerals project.
The Lovelock and Treasure Box projects represent an unique
opportunity to make a new battery metals discovery in Nevada, a
proven mining district ranked as the most attractive mining
jurisdiction by the Fraser Institute's Annual Survey of Mining
Companies, 2018.
The Transaction
Details of the transaction is described in GEMC's news release
announced on May 30, 2019, pursuant to which the GEMC has
agreed to purchase a right to use for a period of one year the
Company's Re-2OX technology. In consideration for use of the
technology, GEMC shall pay to Canada Cobalt a cash payment of
$50,000 and issue 2,000,000 units ("Units") of GEMC at a price of
$0.075 per Unit for deemed consideration of $150,000.
Each of the Units shall consist of one common share and one
transferable common share purchase warrant (collectively,
"Warrants") with each of the Warrants entitling the holder thereof to
acquire one common share of GEMC at the exercise price of $0.10
per share for a period of 36 months from the date of issuance of the
Warrants. Warrants are subject to an acceleration clause whereby if
on any 10 consecutive trading days occurring after four months and
one day has elapsed from their issuance, the daily volume weighted
average trading price of the common shares of GEMC is at least
$0.20 per share, GEMC may accelerate the expiry date of the
warrants to the 30th day after the date on which GEMC gives notice to
Canada Cobalt in accordance with the terms of the Warrants of such
acceleration.
Qualified Person
The technical information in this news release was prepared under the
supervision of Frank J. Basa, P. Eng., Canada Cobalt's President and
Chief Executive Officer, who is a member of Professional Engineers
Ontario and a qualified person in accordance with National Instrument
43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is focused on immediate and longer-term value drivers
at its past producing Castle mine and adjoining land package in the
historic Northern Ontario Silver-Cobalt district, Canada's cobalt
heartland since the start of the electric vehicle revolution. The Canada
Cobalt "advantage" includes underground access at Castle, an
innovative tailings program with a plan to recover silver, gold and
cobalt, a recently installed pilot plant to produce gravity concentrates
on site, a proprietary hydrometallurgical process known as Re-2OX,
and exciting exploration discovery potential at Castle East.
"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/June2019/06/c8979.html
%SEDAR: 00022378E
For further information: Frank J. Basa, P.Eng., President and CEO,
1-819-797-4144, or; Wayne Cheveldayoff, Corporate
Communications, [email protected], 1-416-710-2410
CO: Canada Cobalt Works Inc.
CNW 15:22e 06-JUN-19