Cobalt Power Group announces corporate update and stock options grant
Cobalt Power Group announces corporate update and stock options grant
TSX.V: CPO
VANCOUVER, March 21, 2017 /CNW/ - Cobalt Power Grou p Inc. (the "Company") (TSX.V: CPO) is
pleased to provide shareholders with an update of corporate activities.
Over the past months, spot cobalt prices have continued to show significant gains. When the Company
entered the cobalt space in August 2016, the metal was trading near $12.00 USD/lb. As of mid-March
2017, the price has more than doubled reaching over $24.00 USD/lb. This sustained increase is a
validation for Cobalt Power Group with respect to its ongoing exploration program.
Highlights:
• The Company successfully closed on two private pla cements (see news releases dated March 1 st
and 10 th , 2017). Both rounds were fully subscribed.
• The geophysical program, which included Airborne M agnetics and Induced Polarization surveys, has
been completed with the final IP report due shortly.
• Drill target identification will begin once geophy sical interpretation has been finalized.
• Requests for quotation have been sent out to selec t drill contractors.
• Plans for ground work for the upcoming drill seaso n are underway. This will include road widening
and drill pad brush clearing.
• The Company continues to pursue further acquisitio ns in the Cobalt, Ontario, region of Canada.
Dr. Andreas Rompel, President & CEO of Cobalt Power , comments, "We are very pleased with the
progress we have made in our exploration efforts th us far and look forward to the start of our upcoming
drilling campaign, scheduled for Q2, 2017."
Also, effective today the Board of Directors of the Company has approved a resolution to grant incenti ve
stock options to purchase 1,600,000 shares of the c ompany at $0.13 per share. The options will be
exercisable for a period of 5 years and are subject to regulatory approval from the TSX Venture
Exchange.
About the Smith Cobalt Project
The Smith Cobalt project is underlain by a sequence of Archaean volcanics which are uncomformably
overlain by Huronian sediments. These formations ha ve been intruded by the Proterozoic-age Nipissing
diabase sill. Faulting, on both a regional and local scale, has been found by surface mapping and in d rill
cores. Polymetallic veining, and especially pinkish-white carbonate veins, has also been reported. Thus,
all the necessary geological components of accepted mineralization models for cobalt-silver have been
identified on the properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture
Exchange (TSX-V: CPO) focused on cobalt exploration and development.
The company has made a series of strategic property acquisitions over the past several months, seeking
cobalt mineralization near Cobalt, Ontario - a region with a long history of silver and associated cob alt
production. Property holdings total 720 ha (1780 acres) in contiguous blocks. There are several historic
mining operations on the properties that are potentially accessible, including the Smith Cobalt shaft and
its underground workings.
Chris M. Healey, P. Geo, a Director of Cobalt Power Group is the qualified person responsible for the
technical content of this release, and consents to its dissemination.
On behalf of the Board of Directors
"Andreas Rompel"
_________________
Dr. Andreas Rompel, President and CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapprove d the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this News Release. WARNI NG: The Company relies on litigation protection for
"forward looking" statements. Actual results could differ materially from those described in the news
release as a result of numerous factors, some of which are outside the control of the Company. This
news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securi ties
Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Cobalt Power Group Inc
To view the original version on PR Newswire, visit:
http://www.newswire.ca/en/releases/archive/March201 7/21/c1539.html
%SEDAR: 00029608E
For further information: For additional information, please contact Daniel Caamano, VP Corporate
Communications or Judy A. McCall, Corporate Secreta ry at: 604.620.7737. The company's profile
may also be viewed on www.sedar.com.
CO: Cobalt Power Group Inc
CNW 06:00e 21-MAR-17