First Cobalt Corp. announce the completion of the previously announced acquisition of US Cobalt Inc. by way of plan of arrangement. US Cobalt shareholders will receive 1.5 common shares of First Cobalt for each US Cobalt share held and US Cobalt has become a wholly-owned subsidiary of First Cobalt.
The transaction received formal approval from the Committee on Foreign Investment in the United States (CFIUS) on June 1, 2018. Trading of US Cobalt shares is expected to be halted until they are delisted from the TSX Venture Exchange at close of June 5, 2018. US Cobalt will also submit an application to cease to be a reporting issuer under the securities laws of the applicable provinces of Canada.
In conjunction with this transaction, the Company has reconstituted its Board of Directors to include Mr. Garett Macdonald, technical advisor with US Cobalt. Mr. Macdonald, MBA, P. Eng., is a mining engineer with extensive experience in project development and mine operations with over 22 years of industry experience. He has managed large technical programs through the concept, feasibility and into construction stages and has senior management and board level experience with several public companies. Mr. Macdonald led JDS Energy & Mining’s Eastern Canadian business operations as Vice President of Project Development. He also held roles in mine operations and engineering with senior Canadian mining firms Teck Corporation, Placer Dome and Suncor Energy, as well as the Vice President of Operations for Rainy River Resources prior to $310M sale of Rainy River to New Gold Inc. in 2013. Mr. Macdonald is currently the President & CEO of Tower Resources. He holds a Master of Business Administration degree from Western University’s Ivey Business School and a Bachelor of Engineering (Mining) from Laurentian University.
The Company also announces that Jason Bontempo has resigned as a director of First Cobalt. The Company thanks Mr. Bontempo for his invaluable contributions to building First Cobalt.
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