TORONTO, May 29, 2018 /CNW/ - First Cobalt Corp. (TSX-V:
FCC, ASX: FCC, OTCQX: FTSSF) (the "Company") today announces its
management team will be participating in three upcoming
conferences:
- TD Battery Metal Round Table, London
-
- President and CEO Trent Mell
will available for one-on-one meetings June
18 & 19. Registration through TD Bank.
- EV Momentum / Benchmark Minerals World Tour, Berlin
-
- President and CEO Trent Mell
will present on Wednesday, June
20
- Benchmark Minerals World Tour, London
-
- President and CEO Trent Mell
will present on Friday, June 22
- Details and registration for both Benchmark events is available
here http://benchmarkminerals.com/events/world-tour-2018/
The Company will be available for one-on-one meetings during all
conferences.
First Cobalt's merger with US Cobalt Inc. (TSX-V: USCO, OTCQB:
USCFF) received overwhelming support by US Cobalt shareholders on
May 17 and the transaction is
expected to close on or about May 31.
Under the terms of the merger, First Cobalt will acquire all of the
issued and outstanding shares of US Cobalt on the basis of 1.5
First Cobalt common shares for each US Cobalt common share issued
and outstanding (press release March 14,
2018).
This transaction will strategically position First Cobalt as a
leading non-DRC cobalt company with three significant North
American assets: the Iron Creek Project in Idaho, which has a historic mineral resource
estimate (non-compliant with NI 43-101) of 1.3M tons grading 0.59% cobalt; the Canadian
Cobalt Camp, with more than 50 past producing mines; and the only
permitted cobalt refinery in North
America capable of producing battery materials.
Corporate Update
On December 1, 2017, the Board of
Directors approved a grant of stock options, performance share
units (PSUs) and deferred share units (DSUs) to certain directors,
officers, employees and consultants pursuant to the Company's
long-term incentive plan. Following review by the Australian
Securities Exchange (ASX), these stock options, PSUs and DSUs were
cancelled on May 25, 2018 as the
manner in which the grants were made complied with TSX-V rules but
not ASX requirements. The Board intends to re-issue the options,
PSUs and DSUs to these holders on the same terms and exercise price
as previously granted. The Company will be calling an annual and
special meeting of its shareholders to be held on June 26, 2018, where it will seek to approve,
among other things, an amended and restated long-term incentive
plan that contains certain language required by the ASX Listing
Rules and in the case of directors, the re-grant of such awards
upon the same terms.
About First Cobalt
First Cobalt aims to create the largest pure-play cobalt
exploration and development company in the world. The Company
controls over 10,000 hectares of prospective land covering over 50
historic mines as well as mineral processing facilities in the
Cobalt Camp in Ontario, Canada.
The First Cobalt Refinery is the only permitted facility in
North America capable of producing
cobalt battery materials.
First Cobalt seeks to build shareholder value through new
discovery, mineral processing and growth opportunities, with a
focus on North America.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
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.
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 First Cobalt and US Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt and US Cobalt 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, First Cobalt and US Cobalt disclaim any intention
or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Historic Estimates
US Cobalt considers the cobalt and copper tonnage and grade
estimates above as historical estimates. The historical estimates
do not use categories that conform to current CIM Definition
Standards on Mineral Resources and Mineral Reserves as outlined in
National Instrument 43-101, Standards of Disclosure for Mineral
Projects ("NI 43-101") and have not been redefined to conform to
current CIM Definition Standards. They were prepared in the 1980s
prior to the adoption and implementation of NI 43-101. A qualified
person has not done sufficient work to classify the historical
estimates as current mineral resources and US Cobalt is not
treating the historical estimates as current mineral resources.
More work, including, but not limited to, drilling, will be
required to conform the estimates to current CIM Definition
Standards. Investors are cautioned that the historical estimates do
not mean or imply that economic deposits exist on the Iron Creek
property. US Cobalt has not undertaken any independent
investigation of the historical estimates nor has it independently
analyzed the results of the previous exploration work in order to
verify the accuracy of the information. US Cobalt believes that the
historical estimates are relevant to continuing exploration on the
Iron Creek property.
SOURCE First Cobalt Corp.