TSX.V CPO, Pink Sheets CBBWF
TORONTO, Nov. 23, 2018 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V CPO, OTC Pink CBBWF) wishes to announce its
intention to proceed with a share consolidation (the "Share
Consolidation") of its issued and outstanding common shares. There
are currently 158,605,628 common shares issued and outstanding.
Shareholders will receive one (I) post consolidation common share
for every twelve (12) pre-consolidation common shares held by them.
The company name will change to Power Group Projects Corp.
The Board of Directors of the Company believes that the
consolidation of shares will enhance the company's ability to seek
and attract additional funding and to pursue strategic acquisitions
and other growth opportunities. In the meantime, the Company is
continuing to evaluate its portfolio of Cobalt assets and planning future exploration
work on these properties.
The Board wishes to reassure its shareholders that it has
adequate funds available to maintain the properties for the next
two years and if warranted to move forward to add value to these
properties.
The Consolidation will be subject to at the approval of the TSX
Venture Exchange
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian
exploration company listed on the TSX-Venture Exchange and U.S.
Pink Sheets (TSXV CPO, OTC Pink CBBWF) focused on cobalt
exploration and development. The Company has made a series of
strategic property acquisitions over the past two years seeking
cobalt mineralization near Cobalt,
Ontario, a region with a long history of silver and
associated cobalt production, and now in the Athabasca basin of Saskatchewan. Property holdings total
approximately 13,264 hectares (32,776 acres) in Ontario and 20,130 hectares (49,742 acres) in
Saskatchewan, 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.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
We seek safe harbor.
www.cobaltpowergroup.com
Forward Looking Information
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. In particular, forward-looking
information included in this news release includes, without
limitation, the anticipated closing date of the Transaction, the
receipt of final court approval and other regulatory approvals.
Factors that could cause actual results to differ materially from
these forward-looking statements are set forth in the management
discussion and analysis and other disclosures of risk factors for
each of Cobalt Power Group Inc., filed on SEDAR at www.sedar.com.
Although Cobalt Power Group Inc. believe that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Cobalt Power Group Inc. disclaim any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE Cobalt Power Group Inc
