Cobalt Power Group Proceeds with the Acquisition of Canadian Cobalt Projects
Cobalt Power Group Proceeds with the Acquisition of Canadian Cobalt Projects
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE U NITED STATES OR OVER UNITED
STATES NEWSWIRES./
TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, Sept. 18, 2017 /CNW/ - Cobalt Power Grou p Inc. (the "Company") (TSX.V: CPO, OTC
Pink: CBBWF) is pleased to announce that it has now completed its due diligence review of the business
and affairs of Canadian Cobalt Projects Inc. ("Canadian Cobalt") and the four separate blocks of miner al
claims owned or leased by Canadian Cobalt in the South Lorrain and Lorrain Townships, Ontario which
encompasses approximately 7,400 ha of prospective m ineral lands. Canadian Cobalt Projects Inc. is an
Ontario corporation incorporated specifically for the purpose of acquiring the four (4) blocks of property
lands at issue.
Given the current events within the Company, which have included a strategic investment by Hochschild
Mining Holdings Ltd. (see news release August 30, 2017), the terms of the proposed acquisition were
adjusted and the consideration that the parties have now agreed to for Cobalt Power's acquisition of all of
the issued and outstanding shares of Canadian Cobalt has been reduced to 29,950,000 shares, plus a
1.5% net smelter returns royalty, of which 75% may be purchased at any time in consideration for a cas h
payment of (CDN)$1,000,000 (terms of the proposed a cquisition were initially announced by the
Company on July 27, 2017). Following completion of the transaction, Canadian Cobalt will become a
wholly owned subsidiary of Cobalt Power Group. The terms of acquisition are subject to TSX Venture
Exchange approval.
Highlights
• On completion of the acquisition, Cobalt Power bec omes one of the largest landowners in the prolific
Cobalt Camp/Silver Centre (land holdings total approximately 21,100 acres - 8,500 ha).
• Claim group is in close proximity to several histo ric mines, including the former producing Keely and
Frontier Mines, as well as the recently announced First Cobalt/Cobalt One lands.
• Presence of historical showings on the properties, combined with the favourable geological setting,
enhances the geological potential for the properties.
Dr. Andreas Rompel, President & CEO comments, "The acquisition of the Canadian Cobalt properties
presents a rare opportunity to increase our land holdings in the Silver Centre region, an area with a robust
mining history and known high-grade silver/cobalt m ineralization."
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 year, seeking cobalt
mineralization near Cobalt, Ontario - a region with a long history of silver and associated cobalt
production. Property holdings including the Canadian Cobalt Project total approximately 21,100 acres
(8,500 hectares) in contiguous and strategic claim 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, V.P. Exploration, and 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
WARNING: 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 b een 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. Securities Act and applicable state securities laws or an
exemption from such registration is available.
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects,
plans or future financial or operating performance and other statements that express management's
expectations or estimates of future performance, constitute "forward looking statements". Actual results
may differ materially from those indicated by such statements. All statements, other than historical f act,
included herein, are forward-looking statements that involve various risks and uncertainties. There ca n be
no assurance that such statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
In connection with the forward-looking information contained in this news release, CPO has made
numerous assumptions. While CPO considers these ass umptions to be reasonable, these assumptions
are inherently subject to significant uncertainties and contingencies. Additionally, there are known a nd
unknown risk factors which could cause CPO's actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the
forward-looking information contained herein.
A more complete discussion of the risks and uncertainties facing CPO is disclosed in CPO's continuous
disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking
information herein is qualified in its entirety by this cautionary statement, and CPO disclaims any
obligation to revise or update any such forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking informa tion contained herein to reflect future results, events or
developments, except as required by law.
SOURCE Cobalt Power Group Inc
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For further information: please contact Daniel Caamano, V.P. Corporate Comm unications; or Judy
A. McCall, Corporate Secretary at: 604.620.7737. The company's profile may also be viewed on
www.sedar.com.
CO: Cobalt Power Group Inc
CNW 06:00e 18-SEP-17